16//2005 Business Times (Malaysia) - GOLDEN Hope Plantations Bhd will seekapproval from minority shareholders of Negara Properties (M) Bhd to mergethe latter with Island & Peninsular Bhd (I&P). Negara Properties is 62.6per cent-owned by Golden Hope. Golden Hope group chief executive DatukSabri Ahmad said interest of the minority is best served by merging theproperty businesses of Negara Properties with I&P's.
"The merger is good because I&P, which is already one of Malaysia'sbiggest property companies, is focused on its business. "Shareholder valuecould be increased by placing Negara Properties under I&P while GoldenHope will focus on both upstream and downstream of the palm oil sector,"Sabri told reporters at the company's headquarters in Kuala Lumpuryesterday.
He said this while giving a briefing on the the upcoming oil palmconference called Roundtable on Sustainable Palm Oil.
The disposal of Negara Properties to I&P is the last hurdle in the RM2.6billion groupwide restructuring between Golden Hope and I&P which receivedminority approval last September.
Under the already completed restructuring plan, Golden Hope and I&P willemerge as pure plantation and property concerns respectively.