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buy apple developer account(buyappleacc.com):Boustead Plantations selling Kulai estate

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,According to BPB chief executive officer Zainal Abidin Shariff, the deal with SIPP Power to monetise the asset is an ideal opportunity for the group, in line with the BPB’s “Reinventing Boustead” strategy. (File pic shows oil palm fruits from one of Boustead Plantations.)

PETALING JAYA: Boustead Plantations Bhd (BPB) will be disposing of its 664 ha Kulai Young Estate to SIPP Power Sdn Bhd for RM429mil.

The estate sale, which is part of BPB’s asset rebalancing efforts, was priced about 10% or RM39mil higher than the market value of RM390mil accorded by the valuer.

SIPP Power is a 70% subsidiary of YTL Power International Bhd.

BPB said in a statement yesterday that the Johor-based estate, comprising five parcels of land, is expected to deliver a gain of RM323mil or RM486,400 per ha.

This in turn will increase the value for the group’s shareholders by about 14 sen per share.

The proposed sale is targeted for completion by the fourth quarter of 2021.

The disposal, however, is subject to conditions precedents, which include obtaining the necessary approvals from the Estate Land Board and the Economic Planning Unit.

According to BPB chief executive officer Zainal Abidin Shariff, the deal with SIPP Power to monetise the asset is an ideal opportunity for the group, in line with the BPB’s “Reinventing Boustead” strategy.

He said BPB will be able to unlock the asset value and the proceeds will be utilised to pare down borrowings and meet its working capital requirements.

“Given its strategic location, easy accessibility and development potential, BPB is able to dispose of the land at a substantial premium over the net book value.

“The proceeds from the proposed disposal will allow us to strengthen the balance sheet for future growth and manage our gearing by way of paring down borrowings, reducing the group’s gearing ratio from 0.48 times to 0.31 times,” Zainal Abidin said.

With the repayment of borrowings, BPB is expected to save interest cost of about RM15mil per annum.

BPB said it has also strengthened its relationship with SIPP Power by securing a five-year plantation management agency agreement, which will contribute to its earnings.

SIPP Power intends to develop the land into a large-scale solar power facility with a generation capacity of up to 500MW.

This is in line with YTL Power’s shift towards investing in more sustainable, renewable energy solutions, moving forward.

YTL Power managing director Datuk Yeoh Seok Hong said the company has been seeking opportunities to invest in renewable sources of energy.

Solar power generation is a priority, he said, considering that the country has substantial solar capacity.

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