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The Grower's Scheme
Grower's Management Agreement (Copy)
The Rules
Application Form - Example


   
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The Grower's Scheme

Recitals

Golden Palm Growers Berhad ("GPGB") is a public company engaged in the oil palm plantation business, in particular, the development and subsequent management of oil palm plantations.

GPGB is developing an oil palm plantation over approximately 11,280 acres of land in Gua Musang, Kelantan and has designated 11,000 acres of this land for an oil palm plantation scheme known as the Golden Palm Growers Scheme ("Scheme").

The Scheme involves the creation of interests under Division 5 of Part IV of the Companies Act. Each such interest ("Grower Plot") entitles the owner of a Grower Plot ("Grower") to the Net Yield for a 23-year period.

A total of 44,000 Grower Plots has been created with respect to the 11,000 acres of which 39,600 Grower Plots (90%) have been offered to the public. Each Grower Plot relates to a quarter (1/4) acre of Plantation. As at 8 August 2016, a total of 25,241 Grower Plots have been sold to the public. The remaining number of Grower Plots available to the public as at 8 August 2016 is 14,359.

The Registrar of Companies has approved the Scheme and the offer to the public of the Grower Plots pursuant to Division 5 of Part IV of the Companies Act.

On 19th July 2010, the Minister approved the appointment of MTrustee Berhad (formerly known as AmTrustee Berhad) as the trustee for the Scheme pursuant to section 87 of the Companies Act.  MTrustee Berhad ( formerly known as AmTrustee Berhad) has been appointed to act as the Trustee of the Scheme for the benefit of the Growers vide a Trust Deed dated 26th July 2010 (as amended).

The Scheme

The salient features of the Scheme are as follows:

  • Name of Scheme: Golden Palm Growers Scheme

  • Scheme type: Share farming interest scheme established pursuant to Division 5 of Part IV of the Companies Act 1965

  • Type of interest (Grower Plot): Interest relating to a quarter (¼) acre of the Plantation entitling the holder to the Net Yield

  • Location of the Plantation: Gua Musang, Kelantan

  • Size of the Plantation:
    11,000 acres as per the prospectus dated 20th February 2016.

  • Total No. of Grower Plots at Launch Date: 44,000
    • No. of Grower Plots offered to public: 39,600 (90%)
    • No. of Grower Plots retained by Management Company: 4,400 (10%)

  • Grower's Fee: RM9,600 per Grower Plot

  • Net Yield:

During the First Phase (i.e. from 20 August 2010 to 19 August 2016) - a guaranteed Net Yield of 6% per annum of the Grower's Fee.

In addition to the guaranteed Net Yield, the Management Company may from time to time offer to pay a bonus yield on such terms and conditions as it deems fit.

During the Second Phase (i.e. from 20 August 2016 to 19 August 2033) - a proportionate share of returns from the Plantation based on audited net profits of the Plantation with a minimum return based on average crude palm oil prices.

  • Transfer of Grower Plots: Grower Plots are freely transferable after a period of 12 months. for full details.

  • Repurchase of Grower Plots: GPGS will repurchase Grower Plots at the request of a Grower during the Second Phase. for full details.

  • Scheme period: 23 years

  • Continuation of Scheme: The Scheme may continue beyond the Maturity Date if a proposal for replanting of the Plantation is approved by Growers. for full details.

  • Expiry or termination of Scheme: The Scheme will expire on the Maturity Date unless early termination is triggered. for full details.

  • Payment on expiry or termination: Upon expiry or early termination of the Scheme, a Grower will receive his proportionate share of the net sale proceeds of that part of the Plantation Concession relating to the Plantation. for full details.

  • Management Company: Golden Palm Growers Berhad

  • Trustee: MTrustee Berhad  (formerly known as Am Trustee Berhad). for full details.

  • Marketing Company: Golden Palm Marketing Sdn Bhd

  • Auditors: BDO

  • Solicitors: Zul Rafique & Partners

  • Independent Consultant: Chik Lwi Siang

  • Launch Date: 20th August 2010, being the date of the first prospectus.

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