Greenyield secures shareholders’ approval to buy asset in PNG

TheStar Thu, Jul 07, 2022 06:22pm - 1 year View Original


KUALA LUMPUR: Greenyield Bhd has obtained approval from its shareholders at an EGM to acquire a 65% equity interest in Greenyield Rubber Holdings (M) Ltd (GRHM) for RM87.8mil.

In a statement, the horticultural specialist said GRHM is an investment holding company and serves as an agent to market and sell rubber and rubber wood, while its subsidiaries are principally involved in the extraction, processing, and supply of rubber as well as agriculture.

It owns 15,313 hectares of plantation properties in Papua New Guinea (PNG) comprising, inter alia, 6,450 Ha plantable area for rubber (of which 3,513 Ha are planted), and 3,613 Ha plantable area for coconut.

Executive director Tham Kin-On said: “We are certainly delighted to have received the green light from our shareholders for the proposed acquisition and the group is now one step closer to owning 15,313 Ha of plantation land in PNG.”

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