As reported in Oil Palm Hq yesterday, KIM LOONG RESOURCES BHD [] (KLRB), via its subsidiary Kim Loong Corp Sdn Bhd, has entered into a sale and purchase agreement to acquire a 60% equity stake in loss-making PLANTATION [] company Tetangga Akrab Pelita (Pantu) Sdn Bhd from Tetangga Akrab Sdn Bhd for RM25 million cash. As of Oct 31, Kim Loong has made advance payments totalling RM11.43 million for the acquisition.
Tetangga Akrab Pelita
Pelita Holdings Sdn Bhd and NCR Landowners currently holds the remaining 10 % and 30% stake respectively in Tetangga Akrab.Despite the strong crude palm oil prices, Tetangga Akrab Pelita had been in the red for the past three financial years ended June 30, with 2007, 2008 and 2009 losses amounting to RM119,000, RM1.32 million and RM2.6 million, respectively. The company attributed the losses to its young immature plantations.
Tetangga Akrab Pelita
Pelita Holdings Sdn Bhd and NCR Landowners currently holds the remaining 10 % and 30% stake respectively in Tetangga Akrab.Despite the strong crude palm oil prices, Tetangga Akrab Pelita had been in the red for the past three financial years ended June 30, with 2007, 2008 and 2009 losses amounting to RM119,000, RM1.32 million and RM2.6 million, respectively. The company attributed the losses to its young immature plantations.
The Sarawak-based Tetangga Akrab has planned to develop some 10,471ha of land held under Native Customary Rights in Sg Tenggang and Bukit Bengunan in Sri Aman into oil palm plantations.
The estimated plantable areas are 6,283ha.
Two BN Politicians ..Where Are They?
Two BN Politicians ..Where Are They?
The JV between Pelita Holdings Sdn Bhd and the NCR Landowners from Empaling,Ubah, Tekuyong, Isu and the other longhouses located at upper Pantu was initiated by the BN MP and Assemblyman for P202 and N25. So far the NCR land owners have been kept in the dark about the performance of the company for fiscal year 2007, 2008 and 2009.
YB Snowdan Lawan the Assemblyman for N25 and YB Masir Kujat the MP for P202 must not leave the landowners by themselves. And if the JV is proven unsuccessfully they must help the landowners to withdraw from the JV.
What is Konsep Baru’ of the NCR land development by BN Government
The ‘Konsep Baru’, or literally translated as ‘New Concept’ of NCR land development scheme was introduced by BN Sarawak in 1995. The processed was passed in the Dewan Undangan Negeri Sarawak (State Legislative Assembly) in November 1997.
In the new concept, the government agency will hold in trust the interests of the NCR landowners. The trustee will form a Joint Venture Company (JVC) with a well established private sector company approved by the Government. Land title will be issued to the JVC for a period of sixty (60) years (2 plantation cycles) for an agreed value. The monetary value generated by the use of the land will be used for two types of investments:
(a) as 30% equity in the JVC (long term investment), and
(b) as cash for investment in Unit Trusts (investment with fast return).
The land over which the perimeter survey is completed and issued with ONE LAND TITLE in the name of the company will be gazetted as a Development Area (DA) in accordance with sub-section 11 of the LCDA Ordinance 1981.
Managing Agent For Landowners
The State Government will appoint a Government Agency such as PELITA as Trustee to manage the interests of the landowners and to act on their behalf. The NCR landowners must jointly agree to authorize the said appointed Government agency to be their sole trustee to undertake and develop for them the said land and to collect and receive on their behalf the benefits derived from the development of the said land. A Deed to this effect will have to be signed by every NCR landowner.
Consideration for the Use Of Land
As a consideration for the use of their NCR land, the JVC will pay RM1,200.00 per hectare in the following manner:
(a) The JVC will issue to the Trustee, to be held in trust for the NCR landowners, shares in the JVC credited as fully paid, equivalent to 60% of the value of the said land and representing 30% of the issued and paid up capital of the JVC;
(b) The balance equivalent to 40% of the value of the said land shall be paid as up-front payment by the JVC to the Government agency as Trustee for the landowners. The Trustee will then invest for and on behalf of the NCR landowners a portion of the up-front payment equivalent to 30% of the value of the said land in any Government Unit Trusts and the remaining sum not exceeding 10% of the value of the said land to be paid in cash to NCR landowners;
(c) The number of shares in the company which each of the NCR landowners shall be entitled to, will be in proportion to their respective interests in the said land; and
(d) The private sector will have 60% of the issued capital of the company and will pay cash for these shares. The Trustee will have 10% of the issued capital and will also pay cash for these shares.
Equity Structure Of JVC
The JVC equity structure will be as follows (%)
(a) Investor- 60
(b) Landowners -30
(c) Trustee (Management Agent) 10
The private sector and trustee will pay cash for their shares. The landowners’ equity in the JVC will be paid through the land value.
Rights to Land After Expiry Of Terms of 60 Years
Upon expiry of the term of the title, the NCR landowners shall decide to EITHER renew the title for the land for the JVC OR request for the land to be alienated to themselves or to another company or entity nominated in writing by them, as they think fit.
In the event that the NCR landowners are desirous to have the land sub-divided and alienated to them individually, the Trustee is empowered to undertake a survey of the land and determine the most equitable and fair manner of sub-division of the said land having regard to the extent of each of the NCR landowners’ interest in the said land.
What Options Do The The Landowners From Empaling, Ubah, Tekuyong , Isu Have In Order to Get Back all of Our NCR Lands
By looking at the performance of Tetangga Akrab for financial year 2007, 2008 and 2009, the NCR landowners are at risk of being losing their NCR lands, the land that they enherited from their forefathers. The only way for them to get back their lands is by withdrawing from JV.
Land is our life and blood. If we fail to get back our land from PELITA (who is responsible or acts as an agent to rob our lands) through a peaceful process..god knows what we are suppose to do....
Mupok aku
What is Konsep Baru’ of the NCR land development by BN Government
The ‘Konsep Baru’, or literally translated as ‘New Concept’ of NCR land development scheme was introduced by BN Sarawak in 1995. The processed was passed in the Dewan Undangan Negeri Sarawak (State Legislative Assembly) in November 1997.
In the new concept, the government agency will hold in trust the interests of the NCR landowners. The trustee will form a Joint Venture Company (JVC) with a well established private sector company approved by the Government. Land title will be issued to the JVC for a period of sixty (60) years (2 plantation cycles) for an agreed value. The monetary value generated by the use of the land will be used for two types of investments:
(a) as 30% equity in the JVC (long term investment), and
(b) as cash for investment in Unit Trusts (investment with fast return).
The land over which the perimeter survey is completed and issued with ONE LAND TITLE in the name of the company will be gazetted as a Development Area (DA) in accordance with sub-section 11 of the LCDA Ordinance 1981.
Managing Agent For Landowners
The State Government will appoint a Government Agency such as PELITA as Trustee to manage the interests of the landowners and to act on their behalf. The NCR landowners must jointly agree to authorize the said appointed Government agency to be their sole trustee to undertake and develop for them the said land and to collect and receive on their behalf the benefits derived from the development of the said land. A Deed to this effect will have to be signed by every NCR landowner.
Consideration for the Use Of Land
As a consideration for the use of their NCR land, the JVC will pay RM1,200.00 per hectare in the following manner:
(a) The JVC will issue to the Trustee, to be held in trust for the NCR landowners, shares in the JVC credited as fully paid, equivalent to 60% of the value of the said land and representing 30% of the issued and paid up capital of the JVC;
(b) The balance equivalent to 40% of the value of the said land shall be paid as up-front payment by the JVC to the Government agency as Trustee for the landowners. The Trustee will then invest for and on behalf of the NCR landowners a portion of the up-front payment equivalent to 30% of the value of the said land in any Government Unit Trusts and the remaining sum not exceeding 10% of the value of the said land to be paid in cash to NCR landowners;
(c) The number of shares in the company which each of the NCR landowners shall be entitled to, will be in proportion to their respective interests in the said land; and
(d) The private sector will have 60% of the issued capital of the company and will pay cash for these shares. The Trustee will have 10% of the issued capital and will also pay cash for these shares.
Equity Structure Of JVC
The JVC equity structure will be as follows (%)
(a) Investor- 60
(b) Landowners -30
(c) Trustee (Management Agent) 10
The private sector and trustee will pay cash for their shares. The landowners’ equity in the JVC will be paid through the land value.
Rights to Land After Expiry Of Terms of 60 Years
Upon expiry of the term of the title, the NCR landowners shall decide to EITHER renew the title for the land for the JVC OR request for the land to be alienated to themselves or to another company or entity nominated in writing by them, as they think fit.
In the event that the NCR landowners are desirous to have the land sub-divided and alienated to them individually, the Trustee is empowered to undertake a survey of the land and determine the most equitable and fair manner of sub-division of the said land having regard to the extent of each of the NCR landowners’ interest in the said land.
What Options Do The The Landowners From Empaling, Ubah, Tekuyong , Isu Have In Order to Get Back all of Our NCR Lands
By looking at the performance of Tetangga Akrab for financial year 2007, 2008 and 2009, the NCR landowners are at risk of being losing their NCR lands, the land that they enherited from their forefathers. The only way for them to get back their lands is by withdrawing from JV.
Land is our life and blood. If we fail to get back our land from PELITA (who is responsible or acts as an agent to rob our lands) through a peaceful process..god knows what we are suppose to do....
Mupok aku
"Agi Idup Agi Ngelaban"
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