Sabah-based integrated timber group Priceworth International Bhd has announced Maha Gayabina Sdn Bhd as a strategic long term investor, with recent listing of new shares issued to them under the Special Issue.<\/p>\n
\u201cPriceworth is proud to have gained the confidence of a strategic investor in Tengku Badrul Hisham Tengku Mohd Salim,\u201d said Richard Koo, Executive Director, Priceworth International Bhd.<\/p>\n
Tengku Badrul Hisham is the director and shareholder of Mahagaya Bina, which now holds 15 percent, or 141 million shares, of Priceworth\u2019s enlarged share capital.<\/p>\n
\u201cWe are happy to invest for the long term through Priceworth in Sabah\u2019s green heritage,\u201d said Tengku Badrul. \u201cWe want to invest in a sustainable forestry project with a long time horizon. We want to be part of Sabah\u2019s future.\u201d\u00a0<\/p>\n
\u201cWe will be holding our stake for the long term as we see value. As part of our commitment, we will be writing in to Priceworth to request a seat on the board\u201d, he added.<\/p>\n
In total, 211.8 million shares were issued. The Special Issue has raised raise RM21.18 million, of which RM10 million is go towards part payment of the balance deposit for the acquisition. Aside from Mahagaya Bina, the other strategic Bumiputera investors are former banker Tan Sri Rashid Hussain and his wife Puan Sri Emilahani Yang Mohd Yatim.<\/p>\n
Meanwhile, Priceworth said the tough course taken by Sabah over the last 20 years to implement sustainable forest management practices has created a legacy that will benefit all Sabahans, preserving its natural heritage while managing a precious resource for future generations.<\/p>\n
Through the Sabah Forestry Policy, the government has identified areas that must be conserved as Protection Forests as well as areas which are suitable to be Production Forests that must be sustainably managed to ensure permit a perpetual supply of forest products for both subsistence and industrial uses.<\/p>\n
\u201cThrough Natural Forest Management (NFM) of Production Forests, Sabah can establish the right balance between its cultural and heritage needs and its economic needs,\u201d said Koo.<\/p>\n
\u201cThis is a game-changer for Sabah\u2019s timber industry which must shed short term thinking and must commit wholly to long-term objectives which are sustainability and renewability. In the future, the way forward has to be wood products with the necessary certification that come from sustainable forests,\u201d said Koo.<\/p>\n
Priceworth last year proposed to acquire Rumpun Capaian Sdn Bhd and its subsidiary Anika Desiran Sdn Bhd (ADSB), which was awarded in 1997 the Sustainable Forest Management Licence Agreement (SFMLA) for Forest Management Unit 5 (FMU5) with a 100-year tenure.<\/p>\n
ADSB is required to plant, rehabilitate and harvest forests under the principles of sustainable forest management and environmental conservation for economic, environmental and social purposes as imposed by the terms of the SFMLA.<\/p>\n
\u201cManaging FMU5 properly is a big responsibility for Priceworth, but we are proudly accepting it and will rise to the challenge,\u201d Koo added. \u201cWith 81 years remaining on the SFMLA, we have committed to sustainable forest management, and we are prepared for the long haul. With such a long tenure, we can afford to be patient and keep investing in the future.\u201d<\/p>\n
Priceworth has already established its track record in sustainable forest management practices, and will in 2018 be producing its first Forest Stewardship Council-certified harvest from part of its existing 28,000 ha under management.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Sabah-based integrated timber group Priceworth International Bhd has announced Maha Gayabina Sdn Bhd as a strategic long term investor, with recent listing of new shares issued to them under the Special Issue. \u201cPriceworth is proud to have gained the confidence of a strategic investor in Tengku Badrul Hisham Tengku Mohd Salim,\u201d said Richard Koo, Executive […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-596","post","type-post","status-publish","format-standard","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=596"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/596\/revisions"}],"predecessor-version":[{"id":6296,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/596\/revisions\/6296"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}