Wijaya Baru gets shareholder nod to buy timber, palm oil concessions

KUALA LUMPUR (Dec 6): WIJAYA BARU GLOBAL BHD [] received shareholder approval for the acquisition of US$80 million in timber and palm oil concessions from Wealth Gate Pte Ltd and Suffolk Pte Ltd.

Its chairman Datuk Seri Abdul Azim Mohd Zabidi said on Tuesday after the company’s EGM that Wijaya would be acquiring 100% of Suffolk and Wealth Gate's shares which will grant the company ownership of two 40,000 hectre plots of land in Irianjaya which have the rights to be converted into palm oil PLANTATION []s.

The land is currently covered in virgin forests and Wijaya will be extracting timber from it.

Wijaya has no plans to undertake palm oil plantation operations in the future, but told press that the option is there, he said.

The acquisition should be completed by the end of the year when Wijaya secures funding, which will be 80% debt.

Abdul Azim said that timber extraction activities may begin as early as 2Q 2012, once RM40 million worth of infrastructure, including a sawmill, was in place.

no wonder chiong like crazy

oo news is out + for you hlk, cant rep anymore today; owe u one

haiz 4got 2 check d news tis afternoon else wud hv taken some ...

first 30 mins/1h is ok... after lunch. then downhill liow

Cals wrote:oo news is out + for you hlk, cant rep anymore today; owe u one

tks ...

heard wijaya m&a activity at rm1.10 from BFM this morning

edit
[You must be registered and logged in to see this link.]
Maxcorp boss seeks to take over Wijaya
The low-profile Anuar Adam, who helms privately-held Maxcorp Group, aims to buy out Datuk Tiong King Sing’s interest in Wijaya at about RM1.10 per share.


Kuala Lumpur: Former army Major (rtd) Anuar Adam is gunning for control of Wijaya Baru Global Bhd.

Anuar is understood to be backed by a group of powerful Indonesian businessmen.

The low-profile Adam, who helms privately-held Maxcorp Group of companies, aims to buy out Datuk Tiong King Sing in a deal that values the Sarawakian tycoon’s interest in Wijaya at about RM1.10 per share.

Wijaya’s mother share closed 4.5 sen higher at 80.5 sen, while the warrants ended the trading day 9.5 sen higher at 33 sen.
Business Times understands that Ambank Group, the country’s six largest banking institution,is advising Anuar on the takeover bid.



“The deal is imminent. It’s a broad daylight move to gain control of Wijaya,” said a banker familiar with the matter.

Tiong owns some 31 per cent of the paid-up capital of Wijaya, whose book value per share as at end of last year stood at 94 sen.

Anuar’s planned entry in Wijaya is not his maiden corporate appearance here.

He had previously sit on the board of Seloga Bhd, a company controlled by Tan Sri Halim Saad.

“He may not be a big name in corporate Malaysia but Anuar has completed nearly RM1 billion worth of construction works in Pakistan and he also has sizeable influence in Indonesia,” said a source who has a direct working relationship
with the retired major.

“He can open a lot of doors in Indonesia and if he gains control of Wijaya, this will be self evident in the coming weeks,” the source added.

Anuar’s desire to control Wijaya comes at a time when the company is banking on Indonesia to kickstart its growth plans.

In September, Wijaya said it intended to buy two companies with a combined 80,000ha of timber land in Indonesia for US$80 million (RM251 million).

However, it is unclear if Wijaya has the licence to fell and sell the timber, and this is where analysts believe Anuar could play a decisive role in the days ahead.

Read more: Maxcorp boss seeks to take over Wijaya [You must be registered and logged in to see this link.]

tdy shd open v high since takeover 1.10 ...