While IJMP is known to be one of the best-managed plantation estates, surprisingly it is not a member of the Roundtable on Sustainable Palm Oil , points out UOB Kay Hian Research.
“In financial year 2020 , its annual production of RSPO Certified Sustainable Palm Oil stood at 791, 202 tonnes, which is top five in the world and represents 79% of its CPO produced, ” the research house says.The conglomerate mainly derives its revenue from the construction, infrastructure and property business. The plantation business contributed only about 10.4% to its revenue in FY20.
For the KLK and IJMP deal, IJM Corp has agreed to accept the takeover offer but it will need to get approvals from its shareholders and lenders first. The deal is estimated to cost KLK RM2.7bil, which would increase its net gearing to 0.42 times from 0.23 times with a 30:70 debt-equity ratio, according to Kenanga Research.
Meanwhile, KLK is the country’s third-largest oil palm plantation company with a total land size of 275, 000ha, after Sime Darby Plantations and FGV Holdings Bhd.
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