Comparison of what Chief Ministers did (Part 1)


 

I've broken this down into key sections to ensure you can easily review and fully absorb the essential points of the deal. 

Brief notes on the Crude Palm Oil Mill (CPO) JV between Sabah Softwoods Berhad and Rentak Hasil Sdn. Bhd.

 

Abbreviations used:

Sabah Softwoods: SSB

Rentak Hasil: Rentak – JV Partner of CPO Mill

Regional Harvest Sdn. Bhd: RHSH – Joint venture company  managing and operating the CPO mill

1.        The JV agreement between SSB and Rentak was in 2002.

 

2.        The shareholding was Rentak 60% - 2.55M shares and SSB 40% 2.45M shares, totalling 5M shares. Amongst the terms of the JV agreement is that the majority shareholder will manage the JC co. Therefore, by virtue of the majority shareholding, Rentak was given the right to manage the JV co with an option for SSB to purchase 11% shares from Rentak after 5 years from the date of commencement of operation of the JV mill.

 

3.        In February 2003, SSB exercised its rights and acquired the 11% shareholding in the JV co - RHSB from Rentak. The shareholding then became SSB 51% and Rentak 49%

 

4.        With a simple majority, SSB indicated its intention to take over the management of the JV co.

 

5.        However, Rentak appealed to continue managing the JV co to the Chairman of SSB then, Datuk Musa Aman who then advised SSB to allow Rentak to manage the JV co on the basis that the JV co was operating profitably.

Note: The strategic rationale for acquiring the 11% stake was to secure majority ownership in the Joint Venture (JV), thereby enabling control over its management.

Key Question: Why would the Chief Minister, Datuk Musa Aman, advise SSB to permit Rentak to continue management of the JV?

Location: Sabah, Malaysia

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