Syed Mokhtar may have to rejig strategy

KUALA LUMPUR: Tan Sri Syed Mokhtar Albukhary, who just last week increased his offer to take complete control of Tradewinds Plantation Bhd, may have to rejig his strategy.

Tradewinds Plantation yesterday sent out a notice to shareholders on the offer jointly made by four companies linked to the tycoon.

The four companies are Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd.

The setback, though, was in the detail. The company has yet to find and appoint an independent adviser to advise the board onthe offer.

The non-appointment of an independent adviser at this stage is not critical but seen as odd, especially since national rice company Padiberas Nasional Bhd (Bernas), which is also in the process of being taken over by the four companies, had appointed an independent adviser yesterday.

The offer for Bernas and Tradewinds were made at the same time by the quartet.

Last week, Syed Mokhtar backed down from a potential shareholder revolt by increasing his offer price for Tradewinds Plantation by nearly 25 per cent as the stock had constantly traded above the RM4.03 privatisation price.

In a statement to Bursa Malaysia, Tradewinds Plantation said the joint offereeshad improved their offer to RM5 per share and RM3.13 per irredeemable convertible unsecured loan stock (ICULS).

The previous offer, made in December, stood at RM4.03 for each Tradewinds share and RM2.43 for each ICULS.

Tradewinds Plantation shares closed yesterday at RM4.97, a mere three sen below the new offer price.

Tradewinds Plantation, which manages 126,985ha of oil palm plantations in the country, could again emerge in the spotlight over how the company is valued.

Research house UOB Kay Hian in March 2012 valued Tradewinds Plantation at RM7.20 each and put a RM19.56 per share price tag on the revised net asset value of the company