News & Updates

New Product Launched: Massimo Bunbino
News & Updates

New Product Launched: Massimo Bunbino

FFM Marketing Sdn Bhd launched a new product range in June 2018 - Massimo Bunbino, offering two variants, sambal ikan bilis & serai and homestyle kaya buns.

Bunbino was created to provide a wholesome and filling snack catering to those on the go. The buns retail at RM1.05 each. For more information, please download PPB's 2Q2018 Investor Update.

News & Updates

PPB to acquire LTAT's 16.8% stake in Hillcrest for RM59.06m

KUALA LUMPUR (April 26): PPB Group Bhd is acquiring the Armed Forces Fund Board's (LTAT's) 16.8% stake in Hillcrest Gardens Sdn Bhd for RM59.06 million. 

Hillcrest's audited consolidated net assets as at Dec 31, 2017 stood at RM199.55 million, including 147.78 acres of freehold land in Taman Seri Gombak and Taman Puchong Utama, PPB said in a filing with Bursa Malaysia.

The purchase consideration represents a premium of 76% over 16.8% of audited consolidated net assets, PPB said.

"The company deems the premium reasonable after considering the strategic location, as well as the prospects and development potential of the lands, although the actual value can only be ascertained based on Hillcrest’s eventual development plans, which the company is not privy to at this juncture," the filing added. 

In comparison, LTAT’s original cost of investment for the stake in 1976 was RM1.2 million. 

PPB said it initiated the proposed acquisition to expand its investments in property-based activities and enable the group to continue diversifying its source of earnings.

Additionally, PPB sees the 147.78 acres of land owned by Hillcrest to be strategically located and expects to have good development potential.

"Although PPB will only own 16.8% equity interest in Hillcrest after the proposed acquisition, the future development of the land by Hillcrest is expected to contribute positively to the group’s future earnings," the filing added. 

As the acquisition will be internally funded, it will not have any effect on the gearing of the group, PPB added. 

PPB's major shareholder Kuok Brothers Sdn Bhd has a 51.9% direct and indirect interest in Hillcrest. 

However, approval from PPB shareholders is not required as the deal only represents 0.28% of applicable financial ratios to measure related party transactions.

 

Source from: http://http://www.theedgemarkets.com/article/ppb-acquire-ltats-168-stake-hillcrest-rm5906m

News & Updates

PPB to ride on Wilmar growth in 2018

KUALA LUMPUR (March 2): PPB Group Bhd said Singapore-listed associate Wilmar International Ltd will fuel PPB's growth in 2018. This is because agribusiness group Wilmar has been investing in its core business.

PPB managing director Lim Soon Huat said the diversified group PPB will continue to benefit from Wilmar's wide portfolio and recent expansion.

“Wilmar will help to fuel our growth because it has been investing. So when it comes to a certain stage, it will then start to harvest what it has invested. I believe that its future earnings will be good, barring any unforeseen circumstances.

“It’s not just palm oil. Wilmar has been investing in their core business besides expanding in other businesses. They are operating in a wider geographical area, so that will also continue to support the business performance of Wilmar," Lim said at a press and analyst briefing here today.

According to PPB's website, PPB owns an 18.6% stake in Wilmar. PPB's website indicates that Wilmar’s business encompasses the entire value chain of the agricultural commodity business, from cultivation, processing, merchandising to manufacturing of a wide range of agricultural products. PPB said Wilmar has over 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries.

Meanwhile, PPB's diversified businesses include grains and agribusiness, cinema operations and property development, its website shows.

At the press and analyst briefing, Lim said PPB is expected to record "satisfactory" performance in the financial year ending Dec 31, 2018. “I believe our core business will be supported and to some extent benefit from the improved business activities and also the sentiment in Malaysia, so overall I believe our business going forward will be satisfactory in 2018,” he said.

 

Source from: http://www.theedgemarkets.com/article/ppb-ride-wilmar-growth-2018

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