KUALA LUMPUR – The government has withdrawn approval for Tamaco Plantation Sdn Bhd’s indirect property acquisition from TH Plantations Bhd (THP) on December 4.
Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed and Minister in the Prime Minister's Department (Religious Affairs) Datuk Seri Zulkifli Mohamad Al-Bakri disclosed this in a joint statement here yesterday.
They maintained that the indirect property acquisition application by Tamaco through the subscription of 100% shares from two THP subsidiaries - Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd was subject to property acquisition guidelines which have been in effect since March 1, 2014.
The guidelines stipulated that dilution of properties by Bumiputera interests via direct or indirect acquisition by non-Bumiputera interests is based on retention of at least 30% equity ownership for the latter.
According to the statement, Tamaco in a letter of approval dated November 24, 2020, was required, based on the guidelines, to establish equity ownership of at least 30% for Bumiputera interest within one year from the conditional approval.
The conditional approval was justified by THP on the basis that it was for continuous operations and financial stability.
“We are determined to continue developing THP and Lembaga Tabung Haji more successfully to a prominent stage, in the country as well as internationally,” the ministers said. – Bernama, December 9, 2020.
