Golden Palm Growers declares payout

Golden Palm Growers Bhd (GPGB) has declared its first dividend of eight per cent for the Golden Palm Growers' Scheme, an oil palm investment scheme targeted at local retail investors.

The scheme, launched on Aug 20 last year, enables investors to share profit from an oil palm plantation in Gua Musang, Kelantan.

GPGB holds a 90-year concesssion to develop, manage and maintain a 4,512-hectare plantation.

The land is owned by an agency of the Kelantan state government.

GPGB is a subsidiary of Sterling Plantations Sdn Bhd which in turn is wholly-owned by Sterling Biofuels International Ltd, a company listed on the Australian stock exchange.

Executive chairman of Golden Palm Growers Bhd, Andrew Phang,said the planting of oil palm trees started last year and the first harvest was expected by 2014.

The scheme involves a minimum investment of RM8,000 for a quarter acre plot; investors are guaranteed six per cent return per annum fully backed by cash deposit with a licensed trustee.

"If crude palm oil prices exceed RM1,500 per metric tonne investors will be guaranteed a minimum return of nine per cent per annum in the next 17 years," Phang said.

To date, according to Phang, over 8,000 grower plots had been sold.

"Oil palm has a long history and a bright sustainable future, especially as biofuels are seen as an important energy source in time to come replacing fossil fuels," he said. -- Bernama