KUALA LUMPUR: Tanah Emas Corp Bhd (Tanamas) is acquiring a 51% stake in oil palm concern Fabulous Plantations Sdn Bhd for RM23.5 million in cash and shares. </p></div>

<div class=newsTextDataWrapInner><p>The company also entered into an option agreement with the vendors to acquire the remaining 49% stake for RM22.6 million. </p></div>

<div class=newsTextDataWrapInner><p>The company is acquiring the 51% stake from Datuk Mohd Mokhtar Ismail, Datuk Chee Hong Leong, Lai Kam Beng and Lembah Juita Sdn Bhd, which will be satisfied by RM5.5 million cash and 18 million new Tanamas shares. The cash portion will funded via internal funds or borrowings.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In April, Fabulous Plantations had entered into a 75 sub-lease agreement with SPPT Development Sdn Bhd for 6,070ha land in Kemaman for the cultivation of oil palm for RM37.5 million. </p></div>

<div class=newsTextDataWrapInner><p>As at Aug 28, Tanamas’ plantation land bank measured 9,583ha. Following the acquisition, Tanamas’ plantation land bank would increase by 63%. </p></div>

<div class=newsTextDataWrapInner><p>The initial acquisition will also result in Tanamas’ gearing increasing from 0.42 time to 0.58 time. If the company were to acquire the option shares, Tanamas would see its gearing increase to 0.68 time.</p></div>

<div class=newsTextDataWrapInner><p><em><br />This article appeared in The Edge Financial Daily, September 29, 2009.</em>

KUALA LUMPUR: Tanah Emas Corp Bhd (Tanamas) is acquiring a 51% stake in oil palm concern Fabulous Plantations Sdn Bhd for RM23.5 million in cash and shares. 

The company also entered into an option agreement with the vendors to acquire the remaining 49% stake for RM22.6 million. 

The company is acquiring the 51% stake from Datuk Mohd Mokhtar Ismail, Datuk Chee Hong Leong, Lai Kam Beng and Lembah Juita Sdn Bhd, which will be satisfied by RM5.5 million cash and 18 million new Tanamas shares. The cash portion will funded via internal funds or borrowings.

In April, Fabulous Plantations had entered into a 75 sub-lease agreement with SPPT Development Sdn Bhd for 6,070ha land in Kemaman for the cultivation of oil palm for RM37.5 million. 

As at Aug 28, Tanamas’ plantation land bank measured 9,583ha. Following the acquisition, Tanamas’ plantation land bank would increase by 63%. 

The initial acquisition will also result in Tanamas’ gearing increasing from 0.42 time to 0.58 time. If the company were to acquire the option shares, Tanamas would see its gearing increase to 0.68 time.

This article appeared in The Edge Financial Daily, September 29, 2009.

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