BPlant’s shares sold due to cash flow issues, says Tok Mat

Defence minister Mohamad Hassan says only 33% of the company’s shares have been sold.

Defence minister Mohamad Hasan said BPlant required stronger financial resources and a stable financial position to initiate replanting.

“This strategic collaboration also has the potential to create significant added value for LTAT and Boustead because they are granted priority rights to develop two plots of land covering approximately 1,800 acres with a gross development value of around RM8 billion,” he said in his winding-up speech for the 12th Malaysian Plan mid-term review at the Dewan Rakyat.

“This is due to the fact that nearly 49% of BPlant’s oil palm trees are over 20 years old and have recorded the lowest Fresh Fruit Bunches yield compared to other oil palm companies.” The day before, KLK had signed a letter of agreement with BHB and LTAT to set the cut-off date for a strategic collaboration agreement on Sept 22 or any other date that they might mutually agree upon in writing.

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