Bloomberg News

Glenealy, Lingui Get Privatization Offer From Samling Strategic

January 29, 2012

Jan. 27 (Bloomberg) -- Glenealy Plantations Bhd. said it got an offer from Samling Strategic Corp. to privatize Hong Kong-listed Samling Global Ltd., and in turn a proposal to privatize the company and Lingui Developments Bhd.

If a formal offer is put forward, Samling Strategic has indicated that it expects to propose an offer price of 7.50 ringgit per share for the privatization of Glenealy and 1.63 ringgit for Lingui, according to statements to the Kuala Lumpur stock exchange today.

The offers are at a 14.5 percent and 19.8 percent premium respectively to Glenealy’s and Lingui’s last traded prices of 6.55 ringgit and 1.36 ringgit on Jan. 19, before they were suspended for trading. Lingui, a Malaysian timber, plantations and property group, and Glenealy Plantations, a palm oil producer, are controlled by Samling Strategic.

Samling, one of Malaysia’s largest lumber groups, is owned and run by the Yaw family and based in the country’s timber-rich Sarawak. Lingui owns 37.9 percent of Glenealy, while Samling holds another 15.2 percent, according to data compiled by Bloomberg.

Glenealy has palm oil plantations in Malaysia’s eastern Sabah and Sarawak states, as well as Indonesia’s East Kalimantan. It had a total land of 50,428 hectares and total planted area of 28,522 hectares at the end of 2010, according to the company’s website.

--Editor: Anand Krishnamoorthy.

To contact the reporters on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net; Barry Porter in Kuala Lumpur at bporter10@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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