One year for Golden Palm Growers to find buyer


The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent at 2,683 ringgit ($633.16) a tonne at the close of trade, its first gain after four losing sessions. It earlier fell to its lowest in 1-1/2 months at 2,653 ringgit. Traded volumes stood at 34,121 lots of 25 tonnes each at the end of the trading day.


PETALING JAYA: Golden Palm Growers Bhd -- the management company of the oil palm sharing scheme -- will need to find a buyer within one year to cash out of its plantation project in Gua Musang, Kelantan. 

This resolution came about after 98% of Golden Palm Growers Scheme (GPGS) investors voted to give the company a certain timeframe to sell the plantation project at a better price in the hope of recouping more of their money back from their investment in the share farming scheme.

At the AGM held on Monday, Golden Palm Growers also announced that an action committee comprising five members would be set up to make decisions post termination of the scheme. 

This would include sourcing a buyer that could give the best value for the plantation.

Importantly it would be to safeguard investors' interest and ensure they would not incur any loss and potentially earn some form of dividend on investment.

 

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