Robert Kuok must navigate minefield if he seeks return to sugar business

Free Malaysia Today

Tycoon’s Singapore-based Wilmar said to be interested in acquiring a stake in MSM Malaysia’s sugar refinery in Johor.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/08/13/robert-kuok-must-navigate-minefield-if-he-seeks-return-to-sugar-business/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #RobertKuok #SugarRefinery #WilmarInternational #MSMJohor #FGVHoldings #BlackRock

Transcript

00:00Robert Kwok's purported bid to re-enter Malaysia's sugar refining business after a 15-year hiatus

00:09may be one of his biggest challenges yet.

00:13Wilmar International Limited, Kwok's Singapore-based company, is said to be in a two-horse race

00:18with Threadstone Capital's Sundaram Berhad to acquire a stake in MSM Malaysia Holdings

00:23Berhad's wholly-owned MSM Sugar Refinery Sundaram Berhad.

00:28Threadstone is seeking to inject RM500 million into MSM Johor for a 49% stake while FGV Holdings

00:36Berhad holds a 51% stake in MSM, which controls 60% of Malaysia's sugar refining business.

00:44It remains unclear why Wilmar is considering acquiring a stake in MSM or MSM Johor, as

00:50Kwok had previously sold MSM to FGV for RM1.22 billion in 2009, exiting the sugar refining

00:57business in Malaysia.

01:00MSM Johor's refinery, completed in 2018 at a cost of over RM1 billion, has struggled

01:06with low utilisation rates since its commissioning in 2019.

01:10In 2021, reports suggested Wilmar's interest in the Johor refinery could benefit both companies

01:16by improving MSM's plant utilisation and supporting Wilmar's sugar operations, but no deal was reached.

01:24However, the potential sale of MSM Johor to Wilmar could be politically sensitive, as

01:29any sale would come on the heels of the controversy over Malaysia Airports Holdings Berhad's

01:34stake sale to global infrastructure partners, which is in the process of being acquired

01:38by BlackRock.

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