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| Sindora to develop SMEs via IVB scheme |
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Business - The Star Online JOHOR BARU: Sindora Bhd will continue to look for companies, especially small and medium enterprises (SMEs), to be part of its Intrapreneur Venture Business (IVB) scheme. Chairman Tan Sri Muhammad Ali Hashim said there were many SMEs nationwide that could be further nurtured and developed. He said Sindora was on the right track when it started the scheme in 2002 and that its 13 IVB subsidiaries and associate companies had contributed significantly to the company. Ali said the IVB firms involved in activities such as logistics and transportation of food and non-food products had added synergistic value to the company. “Apart from the Government, the private sector also plays an important role in creating more local entrepreneurs via such a scheme,” he told reporters after Sindora’s EGM yesterday. At the meeting, shareholders approved the proposal to swap the company’s oil palm estate, Ladang Sg Simpang Kiri (LSSK), with Sime Darby Plantation Sdn Bhd’s Ladang Sg Tawing (LST). Sime Darby Plantation is a unit of Sime Darby Bhd. Spanning 2,372ha off Yong Peng-Segamat main road, LSSK was valued at RM77.7mil while the 2,133ha LST off Kluang-Paloh main road was appraised at RM71.1mil. Ali said the swap would enable Sindora to unlock the value of LSSK and derive a one-time gain of RM38.17mil and cash of RM6mil. “This will also increase the efficiency and synergy within the group as LST is located within close proximity to Ladang Tereh, Ladang Selai and a palm oil mill owned by Kulim (M) Bhd, the holding company of Sindora,” he said. In an unrelated development, Ali said KFC Holdings (M) Bhd had won the Asia Tiger Award for best Kentucky Fried Chicken franchisee in Asia for 2009 from franchisor Yum! International Inc. At the awards event held in Shanghai, China, recently, KFC Holdings beat other franchisees from Hong Kong, Japan, Singapore, Indonesia, India, Bangladesh, the Philippines, Vietnam and Cambodia. Ali said the company was chosen for total business development such as expansion programme and creating job opportunities for the local population.
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