Business
Acquisition of Interest in Bertam Holdings, etc
Acquisition of Interest in Bertam Holdings, etc.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Singapore Para Rubber Estates PLC\n28 February 2000\n\n\nPurchase of shares of Bertam Holdings PLC ('Bertam')\n\n\nThe board of The Singapore Para Rubber Estates, PLC announces that the\nCompany has, on 25 February 2000, purchased 200,000 Bertam shares at a\nprice of £1.50 per share, thereby increasing its interest in Bertam from\n11.90% to 12.85%. Bertam owns Malaysian plantations which produce oil\npalm fresh fruit bunches. It also owns a 40% interest in the Malaysian\nproperty group, Bertam Properties Sdn. Bhd, which is in the course of\ndeveloping, over the next ten to fifteen years, a 3,500-acre plantation\nin Senang State into a housing, leisure commercial and industrial\ncomplex. Bertam's other plantations also possess longer-term property\ndevelopment potential.\n\nThe board further announces that the Company has subscribed for its pro\nrata entitlement under a rights issue of new shares by Sungkai Holdings\nLimited ('Sungkai') at a cost of £41,220. The total net funds raised by\nSungkai amounted to £1,601,820 and were substantially applied towards the\npurchase of 1,960,000 Bertam shares at £1.50 per share.\n\nIn addition to the purchase of 2,160,000 Bertam shares, referred to\nabove, other members of the M. P. Evans grouping of companies acquired a\nfurther 840,000 Bertam shares at £1.50 per share. The total of 3,000,000\nBertam shares acquired was sold by the Johor Corporation Group ('Johor').\nJohor's remaining holding of 2,116,170 Bertam shares represents 10.01% of\nBertam's issued share capital.\n\nNotwithstanding that the consideration of £1.50 per Bertam share\nrepresents an approximate 62% premium over Bertam's current mid-market\nprice of 92.5 pence per share, the transaction will serve to enhance the\nasset value of the Company as the consideration represents an approximate\n25% discount to the last-published net asset value as shown by the 1999\ninterim report of Bertam of £1.99 per share. The transactions are in line\nwith the Company's policy, established over many years, of investing in\nthe Malaysian plantation sector and, more recently, property sector, at a\ndiscount to asset value.\n\nFurther to this transaction, those members of the M.P.Evans grouping with\nMalaysian plantation interests, namely Bertam, Beradin Holdings PLC,\nPadang Senang Holdings PLC and the Company intend to review their\ncorpor...