M. P. EVANS GROUP PLC
("M. P. EVANS" OR THE "GROUP")
Sale of Malaysian estate
M. P. Evans, the AIM-quoted oil-palm plantation and beef-cattle group, is
pleased to announce the sale of Beradin Estate ("Beradin"), comprising 1,077
hectares, for a total of RM53.2 million (approximately £8.1 million). This sale
reflects the Group's strategy to enhance earnings and asset value by selling its
Malaysian property assets and re-investing the proceeds in Indonesian
plantations and Australian agriculture.
Beradin Estate is located near Paloh, in a rural area of Johor State, and is the
only one of the Group's six Malaysian estates that, the board considers, does
not possess any short or longer-term property-development value. However, owing
to a recent increase in demand for pure oil-palm plantations, there has been
considerable interest in acquiring it and the board believes the price achieved
to be extremely satisfactory. The sale of the estate is subject to the approvals
of the Malaysian Foreign Investment Committee and Estate Land Board, both of
which are expected to have been received within approximately nine months.
Announcements were also made in April 2005 with regard to the sale of Sungei
Reyla Estate for the sum of RM31.4 million (approximately £4.75 million) and in
June 2005 with regard to the sale of Lendu Estate for RM26 million (£3.9
million). All conditions in respect of these two sales are expected to be met
within the next few weeks and settlement will then follow within a further three
months.
Richard Robinow, chairman of M. P. Evans, commented as follows:-
"The sale of Beradin underlines the fact that our strategy is well
on track. Within nine months, we have secured the sale of three of
our six Malaysian estates and the proceeds will be used to fund our
substantial programme of expansion within the Indonesian palm-oil
and Australian beef-cattle sectors, both of which currently offer
attractive investment opportunities."
Enquiries:
M. P. Evans Group PLC Tel: 01892 516 333
Peter Hadsley-Chaplin, Joint managing director
Philip Fletcher, Joint managing director
Hudson Sandler Tel: 020 7796 4133
Andrew Hayes
Elisabeth Young
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