Read more: http://www.btimes.com.my/articles/20120103005213/Article/
Kuala Lumpur: Tan Sri Dai Bachtiar, the former Indonesian ambassador to Malaysia, is expected to be appointed to the board of Wijaya Baru Global Bhd, people familiar with the operations of the company said yesterday. The appointment could take place by as early as Friday, said a person familiar with matter. Dai Bachtiar had also served as chief of the Indonesian National Police from 2001-2005, prior to his appointment as ambassador to Malaysia. He had served as ambassador to Malaysia up to June last year, according to reports from the Jakarta Post. The former police chief's appointment to the board of Wijaya comes just weeks after retired major Anuar Adam took control of the company. Anuar, a low-profile businessman who made his fortune in Pakistan's multi billion construction industry, bought a 32.02 per cent stake in Wijaya from Datuk Tiong King Sing. The exercise did not create a general offer but it effectively gave Anuar control of Wijaya, which is banking on its Indonesian venture to help boost the company's profile and profits. In early December, Wijaya received approval from its shareholders to buy two companies in Indonesia for US$80 million (RM251.8 million). The two companies and#8211; Wealth Gate Pte Ltd and Suffolk Pte Ltd and#8211; have 80,000ha of land in Irian Jaya that have been approved for oil palm plantations and related activities. Wijaya would first be extracting timber from the forested land, valued at US$1,000 (RM3,147) per hectare, before converting the area into oil palm plantations, Anuar had told Business Times previously. Subsequently, Wijaya received a felling licence to cut down the trees in the concession area, upon the entry of Anuar in the company. By late December, it bought both the companies after receiving funding from Exim Bank. "The drawdown of the financing has been made," Wijaya said in a December 23 statement to the stock exchange.
Kuala Lumpur: Tan Sri Dai Bachtiar, the former Indonesian ambassador to Malaysia, is expected to be appointed to the board of Wijaya Baru Global Bhd, people familiar with the operations of the company said yesterday. The appointment could take place by as early as Friday, said a person familiar with matter. Dai Bachtiar had also served as chief of the Indonesian National Police from 2001-2005, prior to his appointment as ambassador to Malaysia. He had served as ambassador to Malaysia up to June last year, according to reports from the Jakarta Post. The former police chief's appointment to the board of Wijaya comes just weeks after retired major Anuar Adam took control of the company. Anuar, a low-profile businessman who made his fortune in Pakistan's multi billion construction industry, bought a 32.02 per cent stake in Wijaya from Datuk Tiong King Sing. The exercise did not create a general offer but it effectively gave Anuar control of Wijaya, which is banking on its Indonesian venture to help boost the company's profile and profits. In early December, Wijaya received approval from its shareholders to buy two companies in Indonesia for US$80 million (RM251.8 million). The two companies and#8211; Wealth Gate Pte Ltd and Suffolk Pte Ltd and#8211; have 80,000ha of land in Irian Jaya that have been approved for oil palm plantations and related activities. Wijaya would first be extracting timber from the forested land, valued at US$1,000 (RM3,147) per hectare, before converting the area into oil palm plantations, Anuar had told Business Times previously. Subsequently, Wijaya received a felling licence to cut down the trees in the concession area, upon the entry of Anuar in the company. By late December, it bought both the companies after receiving funding from Exim Bank. "The drawdown of the financing has been made," Wijaya said in a December 23 statement to the stock exchange.
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