Have we complained officially to SSM regarding CHGS's winding up. The Govt. regulators need to intervene to safeguard the minorities.

Secondly CHGS did not mention what is the Growers price they are paying back. Understand the initial Growers fees was RM5000/lot. Their latest Prospectus dated early 2012 give the Growers fees at RM10,000/lot. Are we getting the original invested fees or should we not get the latest Fees/lot.

As mentioned earlier the 2012 Prospectus is highlighted below. Please read up their full proposal in their web site.

PLENTIFUL GOLD-CLASS BERHAD
Incorporated in Malaysia (Company No: 576102-V)
PROSPECTUS
(ISSUED PURSUANT TO SECTION 90 OF THE COMPANIES ACT, 1965)
OFFER FOR SUBSCRIPTION OF OIL PALM GROWER'S PLOTS
THIS PROSPECTUS IS DATED 8TH JUNE 2012 AND EXPIRES ON 7TH DECEMBER 2012

1.1 Prospectus
The Management Company is the registered lessee of the Land and proposes to establish the Scheme as an oil palm sharefarming scheme in respect of 10,000 acres comprising the Plantation for a period of twenty-three (23) years commencing from the Planting Date and expiring on the Maturity Date.
The Scheme will involve the offer to the public for subscription of Grower’s Plots in respect of and, connected to the Plantation. Each Grower’s Plot interest is connected to a ¼ - acre plot within the Plantation. The Grower’s Plots are established pursuant to Section 84(1)(b) of the Companies Act 1965.
The Grower’s Plot had a subscription price of Ringgit Malaysia Five Thousand only (RM5,000-00) at the Initial Launch and all subsequent Grower’s Plots will be at such price as shall be stipulated by the Management Company from time to time based on market forces. With effect from the date of this Prospectus, the revised subscription price of each Grower’s Plot shall be Ringgit Malaysia Ten Thousand only (RM10,000.00)
As at the date of this Prospectus, the Management Company has established forty thousand (40,000)
Growers’ Plots under the Scheme of which thirty six thousand (36,000) Grower’s Plots are intended for public subscription and remaining four thousand (4,000) Growers’ Plots are designated as Reserved Grower’s Plots not for subscription and may be released for public subscription only upon the approval of the Registrar of Companies.

I too received the cheque of 10% today.
Hope they fullfill the other 90% and the Goodwill amount within the 6 month period.
The loan to Bee Garden is still in question, hope the Authorities will investigate this and help the Growers get back what is due to them.

This post has been edited by gnambiar: Mar 13 2013, 09:24 PM