Hap Seng Plantations, Kretam suspended for corporate news

In a filing with Bursa Malaysia, Country View said that the acquisition

KUALA LUMPUR: Trading in Hap Seng Plantations Bhd and Kretam Holdings Bhd was suspended on Wednesday pending corporate news.

Both plantation companies had requested for the suspension from 9am.

The more profitable and larger Hap Seng Plantations has a market capitalisation of RM2.05bil compared with Kretam’s RM1.95bil.

Hap Seng Plantations’ current total landbank stands at around 40,000 hectares of which about 36,000 hectares is planted with oil palm. It has a total of 16 estates and four oil mills, all located in Sabah - notably in the Lahad Datu, Tawau and the Kota Marudu regions.

Hap Seng Plantations posted Q3 earnings of RM25.90mil compared with RM42.70mil a year ago. Revenue fell to RM113.58mil from RM160mil a year ago.

For the nine months, its earnings were RM88.87mil compared with RM79mil in the previous corresponding period. Its revenue was higher at RM391mil compared with RM378.88mil.

The low-profile Kretam operates oil palm plantations in Malaysia, Singapore, China, and the Philippines. 

According to Bloomberg,  the Sandakan company operates plantations and mills, and refinery.

In the third quarter ended Sep 30, 2017 it posted lower earnings of RM3.23mil compared with RM10.66mil a  year ago.  Revenue was higher at RM168.53mil compared with RM145.93mil a year ago.

In the nine-months period, its earnings were RM21mil compared with RM7.93mil a year ago. Revenue was higher att RM458.13miil compared with RM268.04mil.