PRICEWORTH IS GIVEN EXTENSION ON PAYMENT FOR FMU5 ACQUISITION
PRICEWORTH IS GIVEN EXTENSION ON PAYMENT FOR FMU5 ACQUISITION
KOTA KINABALU, 21 MARCH 2019: PRICEWORTH International Bhd has secured a two-month extension to make the first part-payment for its acquisition of Forest Management Unit 5 (FMU5).
The sustainable forest management group will have until 21 May 2019 to make the first part payment of RM40 million for its acquisition of FMU5, a 88,920 ha forest management concession in Sabah.
Priceworth said today in an announcement to Bursa Malaysia that vendor Transkripsi Pintar Sdn Bhd granted a final extension in respect of the October 2016 sale and purchase agreement. It also said it has agreed to pay the vendor interest at 6 percent a year on the part-payment.
“We appreciate the vendor’s continuing understanding and patience, and for agreeing to the extension,” said executive director Richard Koo.
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About Priceworth International Berhad:
Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah. Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.
Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.
PRICEWORTH TO RESTART PLYWOOD MILL WITH LOG RETURN
PRICEWORTH TO RESTART PLYWOOD MILL WITH LOG RETURN
KOTA KINABALU, 14 MARCH 2019: PRICEWORTH International Bhd (Priceworth) expects to restart operations at its plywood mill in Sandakan soon, having secured the return of about 11,000 cubic metres of logs from the Sabah Forestry Department (SFD).
“We will be able to restart operations at Sinora’s plywood mill in Sandakan with the return of these logs, while we continue working on the completion of our
acquisition of FMU5,” said Priceworth executive director Richard Koo.
The timber and forest plantation group said it has agreed to pay the royalty, premium, conservation fee and related costs for a total of 11,098.78 cubic metres of logs.
“We would like to take this opportunity to thank the Sabah State Government and the Sabah Forestry Department for allowing us to pay by 11 instalments in 2 months from the date of their letter dated yesterday,” said Priceworth executive director Richard Koo.
“Meanwhile, we will continue to engage with the Sabah Forestry Department on resuming harvesting operations at FMU 5,” added Koo.
“With the resumption of harvesting, we would be able to focus on supporting the state government’s policy of encouraging more high-value downstream industries,” he said.
Priceworth is working on expanding its downstream operations with a new line for the production of container flooring. A sustainable supply of raw material is one of the most pressing issues preventing downstream timber players in Sabah from contributing higher value-added products to the state’s exports.
Priceworth halted harvesting operations in July 2018 following inspections by the Sabah state government’s Special Task Force.
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About Priceworth International Berhad:
Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah. Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.
Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.
PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION
PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION
KOTA KINABALU, 21 FEB 2019: PRICEWORTH International Bhd has obtained an extension to 21 April 2019 to make the first part-payment of RM40 million for its acquisition of Forest Management Unit 5 (FMU5).
The sustainable forest management group today signed a supplemental letter to extend the date with vendor Transkripsi Pintar Sdn Bhd in respect of the October 2016 sale and purchase agreement to buy FMU5, a 88,920 ha forest management concession in Sabah.
“We appreciate the vendor’s understanding and patience, and for extending the deadline. We are also hopeful that the authorities will give their approval to resume operations soon,” said executive director Richard Koo.
Priceworth is acquiring FMU5 through its Singapore subsidiary GSR Pte Ltd, which will also be acquiring sister company Sinora Sdn Bhd, Priceworth’s plywood manufacturing arm. Priceworth also plans to list GSR on the Singapore Exchange (SGX).
For more details, please refer to the company’s announcement to Bursa Malaysia at http://www.bursamalaysia.com/market/listed-companies/company-announcements/
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About Priceworth International Berhad:
Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah. Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.
Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.