Genting Plantation Berhad

Topics: Malaysia, Kedah, Oil palm Pages: 13 (2729 words) Published: February 10, 2011
Genting Plantations Berhad| |
Our Background| Our Vision| Directors & Management| Financial Highlights| Group Offices| OUR BACKGROUND
  Genting Plantations Berhad ("Genting Plantations"), formerly known as Asiatic Development Berhad, is one of the fastest growing plantation companies listed on the Main Board of Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange). Incorporated in Malaysia as a private limited company on 29 September 1977, under the name of Asiatic Development Sdn Bhd, it became a wholly owned subsidiary of Genting Berhad ("Genting") on 22 February 1980 to spearhead Genting's plantation business.Listed on Bursa Malaysia on 30 August 1982, Genting Plantations currently ranks amongst the top 10 listed companies in terms of market capitalisation in the plantation sector. As at 30 April 2009, Genting Plantations is a 54.7% owned subsidiary of Genting Berhad.In April 1980, Genting Plantations commenced business through the successful acquisition of the Rubber Trust Group comprising 3 Hong Kong domiciled rubber companies which owned some 13,700 hectares of plantation land in Peninsular Malaysia. In June 1981, the Ko Rubber Companies, which owned about 10,000 hectares of plantation land in Peninsular Malaysia, were acquired by Genting Group and through a restructuring exercise in 1983, some 9,268 hectares of these plantation land and businesses were transferred to Genting Plantations. In the same year, Genting Plantations acquired a further 676 hectares of oil palm plantation and a 30 tonne per hour oil mill. These acquisitions would have now proven to be most astute decisions judging by the development potential of some of the land and the capital appreciation that has since taken place, particularly the 3,200 hectare - Genting Kulai Besar Estate which is now being developed as the mega Genting Indahpura project in Kulai, Johor. Recognising the scarcity of land in Peninsular Malaysia, Genting Group started making inroads into Sabah. In 1985, Genting Group acquired Asiatic SDC Sdn Bhd, whose plantation business comprised some 4,000 hectares of oil palm plantation and a 20 tonnes per hour oil mill. In a subsequent rationalisation of Genting Group's plantation activities, ownership of ASDC was transferred to Genting Plantations in 1991.A quick succession of land acquisitions in Sabah ensued for Genting Plantations, starting with the takeover of Tanjung Bahagia Sdn Bhd in 1988 which owns 8,094 hectares of jungle land, followed by a joint venture arrangement with Landworthy Sdn Bhd (now known as Asiatic Tanjung Bahagia Sdn Bhd) in 1989 which added another 4,039 hectares. Between 1991 and 1996, another 5,730 hectares were acquired. With all these jungle lands fully cultivated, Genting Plantations, with its long term vision to further its plantation interest, continues to expand its land bank. Notable acquisitions include the 8,830-hectare agricultural land near the Sungai Tongod and the 5,611-hectare oil palm estate near Bukit Garam in 2001 and 2002 respectively. And in May 2004, Genting Plantations has completed yet another acquisition of some 6,753 hectares of oil palm estates together with a 60 tonnes per hour oil mill in Kinabatangan, Sabah. In June 2005, Genting Plantations embarked on its maiden foray into the plantation business overseas. This expansion of plantation activities in the Republic of Indonesia is on a joint venture basis with a respectable palm oil producer in the country, the Sepanjang Group. The Genting Plantations-Sepanjang 70:30 joint venture will develop some 76,000 hectares of agricultural land into oil palm plantation. Genting Plantations entered into another joint venture in 2008 to develop 45,000 hectares in Ketapang. Following these recent acquisitions, Genting Plantations's current land bank is slated to increase to over 186,000 hectares in Indonesia and Malaysia; an impressive 14-fold increase since 1980. The Group continues to be actively working towards adding...
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