News blog
Asian Plantations Ltd
- BY: Andrew Hore |
- POSTED: 30/11/2009 |
- COMMENTS: Add yours
Asian Plantations Ltd successfully raised £5.26m when it joined Aim on 30 November.
The share subscription was at 75p a share and the share price closed the first day at 79.5p – a bid/offer spread of 77p/82p. That values Asian Plantations at £23.5m.
Cash expenses of the flotation are £397,000 with a further £50,000 payable in shares.
The Singapore incorporated company plans to grow palm oil trees and produce crude palm oil. A Malaysian subsidiary has acquired 4,795 hectares of land in Sarawak. So far $12.4m has been spent on the land and its development. By the end of this year 2,000 hectares will have been planted with palm oil trees. The first harvest should be in December 2010.
The cash raised will fund further development. The company is considering developing its own crushing mill, which would incorporate methane recapture technology. Malaysian subsidiary BJ Corporation is using RM16.2m ($4.8m) of its RM41.2m ($12.2m) bank facility.
According to Section C of the flotation document (code named ‘project coconut’) which relates to BJ’s 2006 accounts, BJ has not lodged accounts to Company Commission of Malaysia (CCM) since year ended December 2000 and could be fined RM6,000. Since 2007 BJ has been incorporated in Arus Plantation. There are figures for Arus in the document but they are not audited accounts.
Asian Plantations has an experienced management team and it has identified further land acquisitions totalling more than 14,000 hectares. One acquisition is expected within six months and in two years time Asian Plantations wants to own more than 20,000 hectares.
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