: The government has decided to withdraw the approval of indirect property acquisition by Tamaco Plantation Sdn Bhd from TH Plantations Bhd on Dec 4, for further scrutiny and other factors.
They maintained that the indirect property acquisition application by Tamaco through the subscription of 100 per cent shares from two THP subsidiaries - Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd was subject to property acquisition guidelines which have been in effect since March 1, 2014.
According to the statement, Tamaco in a letter of approval dated Nov 24, 2020, was required, based on the guidelines, to establish equity ownership of at least 30 per cent for Bumiputera interest within one year from the conditional approval.
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