13 July 2007
M.P. Evans Group PLC
("MP Evans")
Sale of Malaysian estate
MP Evans, a producer of Indonesian palm oil and Australian beef cattle, is
pleased to announce that the divestment from Malaysia is continuing
successfully.
Following the agreement in 2006 to sell 181 hectares of the Perhentian Tinggi
estate (located South of Kuala Lumpur), raising RM 17.9m (£2.6 million), the
Board is delighted to announce that contracts have been exchanged with regard to
the sale of the remaining 745 hectares for a total price of RM 66.30 million
(£9.47 million).
The sale is conditional, inter alia, upon the approvals of the Foreign
Investment Committee and Estate Land Board of Malaysia, which are expected to be
obtained within approximately nine months, whereupon settlement will be due
within a further three months. The price achieved is regarded by the board as
satisfactory in the light of the fact that, as referred to in the 2006 annual
report, a substantial municipal landfill site is likely to be constructed on the
estate by the local government authorities which, as a consequence, has had a
modest downward impact on the development value of the estate as a whole.
Peter Hadsley-Chaplin, Joint Managing Director, commented: "This sale represents
another significant step forward in the implementation of the Group's strategy
of capitalising on the high real-estate value that has accrued to its Malaysian
estates and of using the proceeds to fund its substantial programme of expansion
of both its palm-oil interests in Indonesia and its beef-cattle interests in
Australia."
Enquiries:
M.P. Evans Group PLC
Peter Hadsley-Chaplin, joint managing director Telephone: 01892 516333
Philip Fletcher, joint managing director
Hudson Sandler
Andrew Hayes Telephone: 020 7796 4133
James White
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