Saturday September 15, 2012
TSH secures 20.2% direct stake in Pontian United
TSH said in a statement that the company was now the single largest shareholder in PUPB pursuant to this acquisition and that the 20.2% excluded the shares held by the joint offerors TSH's indirect unit Bisa Jaya Sdn Bhd, Chin Leong Thye Sdn Bhd, Lee Chin Hwa, Lee Min Huat And Lee Sep Pian.
“As the single largest shareholder of PUPB, we look forward to bring the cooperation between the two companies to a higher level and achieve better shareholder valuem,” said TSH chairman Datuk Kelvin Tan in the statement.
The company remains optimistic about the synergies that can be derived from PUPB by working closely with the management and shareholders of the latter.
“The oil palm plantations of TSH and PUPB share the same access road and are neighbouring each other on the outskirts of Lahad Datu, Sabah. We can actualise tremendous synergies because we are neighbours. Merger and integration of certain business aspects are still possible,” TSH said.
The company also said that many areas of its business operations such as supply chains, logistics and distributions would benefit from economies of scale as a result of the close relationship.
“It is mutually beneficial for the shareholders of TSH and PUPB. TSH is actively working with the management and shareholders of PUPB to further explore prospects and ways to converge the interests of both companies.
“We are confident that more concrete plans may be announced in two weeks,” it added.