Another interesting deal in Sarawak

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Here’s another land deal in Sarawak. Ta Ann Holdings Bhd, through its unit, Multi Maximum Sdn Bhd, is buying an obscure company Europalm Sdn Bhd.

Ta Ann is paying RM20.5 million for the entire two million shares of RM1 each in Europalm, according to the Business Times.

Europalm reportedly owns 1,500ha of plantation land at Jemoreng Land, Sarawak and had been awarded another 1,113ha at Seredeng Land. That would make the average purchase price RM3,200 per acre.

An analyst was reported as saying it was a very good price as “Sarawak plantation land is often considered to be more expensive at RM18,000 to RM20,000 per acre depending on the proximity, infrastructure and facilities”.

Question: How much did Europalm pay for the land?

A company search reveals that Europalm is a fairly new company, registered on 12 June 2007. Its status is “existing” but its nature of business is described as “no operation”. It has authorised and issued capital of RM100,000.

Responding to a Bursa Malaysia query, Ta Ann revealed the purchase was made “on a ‘willing buyer-willing seller’ basis negotiated at arm’s length and after taking into consideration the value of the lands as ascribed by an independent registered valuer, C H Williams Talhar Wong & Yeo Sdn Bhd”.

Ta Ann told Bursa that its directors felt that the average value of RM3,200 per acre was a fair value. It bought the two million shares from the following:

Name
Number of ordinary shares of RM1.00 each
Ngu Meng Soon
2,500
Chia Ah Fok
92,500
Kho Soon Kih
2,500
Lim Khay Hian
2,500
Salleh Bin Hamdan
100,000
Juraini Binti Mohamad Lily
100,000
Nature Palms Sdn Bhd
1,700,000
2,000,000

A company search reveals that Nature Palms Sdn Bhd, registered on 21 March 2008, has an issued share capital of two shares of RM1 each, held by a male and a female at the same address in Shah Alam.

So who is behind Ta Ann? Its chairman is Abdul Hamed Sepawi, reportedly the cousin of Sarawak Chief Minister Taib Mahmud (who is also finance minister and planning and resource management minister). Abdul Hamed has a 25 per cent stake (direct and indirect) in the firm, according to the firm’s 2008 annual report.

Abdul Hamed is also chairman and independent executive director of Sarawak Energy Bhd, non-independent non-executive director of Sarawak Plantations Bhd (in which he has a 30 per cent interest), and chairman of Naim Holdings Bhd (in which he has a 12 per cent stake). In 2008, Forbes listed him as the 30th richest Malaysian.

Wahab Dolah, the MP for Igan under which falls the Jemoreng state constituency, also has a 25 per cent stake (direct and indirect) in Ta Ann. He was one of Taib’s close political associates and was at one time touted as a possible successor.

Ta Ann’s managing director is Wong Kuo Hea, who has a 27 per cent stake in the firm.

Companies like these, CMS (controlled by the Chief Minister’s family), and the logging and oil palm firms pretty much dominate the Sarawak economy. Some of these firms have interlocking directorates, with the same names cropping up again and again. The only major area they don’t control is the oil and gas sector, which falls under Petronas, though spin-offs may come in the form of contracts.

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Suparman ma

If you have proof report to MACC lah… Why talk (rubbish) here only without proof …. Haiya… Without proof I can always say your father also involve ma! Understand what I mean kah?

iron

Anil, I don’t know how to post picture in your blog, but anyway, this is the real picture of the torched building of the Metro Tabernacle in KL

http://img263.imageshack.us/img263/6650/churchr.jpg

Phua Kai Lit

Dear Anil

Sorry to go off topic.

This is a You Tube video worth watching!

iron

Anil, they have started torching church !

Anak Kuching

Hey what is new with Sarawak? Talk about change, our opposition are disorganised and all just want urban seats to contest and win. Give the rural folks Rm 10 each or promise them the heavens, they will vote for BN. No vote? No ‘development’. I am yet to hear of an opposition leader going to say my wife’s area … whereas the BN rep is there come X’mas or Easter giving out ‘angpows’ to the people and chapels. Mind you the YB is a Muslim. So where are the opposition leaders in these areas? Your presence is more important than… Read more »

Leong Yook Kong

My sincere thanks to MyBlog. Yes, the third party is referred to a Govt. Department. From your information, I have a very clear picture now that this particular Dept. is covering up for ABC Sdn. Bhd. by issuing this letter to me in early December 2009 to discredit my complaint lodged against ABC Sdn. Bhd. The Dept. might not have thought that I have done a company search on 16.10.2009. I am convince that the letter given to me is falsified. One of the condition for ABC Sdn. Bhd. to submit its application is the attachment of MAA to the… Read more »

Leong Yook Kong

A company by the name of ABC Sdn. Bhd. was formerly known as XYZ Sdn. Bhd. A company search reveals that the effective date of change was on 1.4.2008. However, ABC Sdn. Bhd. was mentioned in a third party’s official letter dated 23.9.2007. By such an act, the third party had abetted ABC Sdn. Bhd. to cheat the stakeholders. I was a victim of such circumstance. What is the best course of action for me to act against the third party and ABC Sdn. Bhd.? Could anyone give me some hints and advice, please? Thanking you in advance.

MyBlog

If I understand correctly, the third party is someone else. XYZ Sdn. Bhd just simply did a name change to ABC Sdn. Bhd. in 2008. But the third part already had claimed that ABC Sdn. Bhd. was existing in 2007 by virtue of making a reference to it. By the limited facts, it is clear that the third party referred to a non existing entity (i.e. ABC S/B) and hence was clearly mis-stating a fact for possibly a devious purpose. There is some indication of the intention of the third party although they might claim that it was an error.… Read more »

SungeiApong man

(Looks like) just another (dubious) land (deal) by the rich and powerful.. and their … cronies. Just wondering whose land (it was) this time.

MyBlog

Whats new, keep digging and I am cock sure that you will keep finding more and more and more such devious deals and activities.

It is like they just do what they like without having to worry about any repercussions, like it is their own fiefdom or kingdom.

O

This Sarawak Chief Minister had been at the helm for far too long…. (Many) “businesses”, big or small in Sarawak is in one way or the other connected to this man. When will the Sarawakians wake up and bid this old man bon voyage? In recent days, two doubtful deals had been revealed to the masses by Mr. Anil, how many more will surface? Speaking to a fresh Sarawakian graduate teacher, he said, I quote” Agaknya masa untuk menukar kerajaan di Sarawak sudah tiba”, unquote. Just hope that the youths and voters in Sarawak will realize the seriousness of the… Read more »