PLANTER scheme operator East West One Group (EWOG) has secured planter approval across its three planter schemes to extend the respective rehabilitation & restructuring (R&R) exercises by a further year to Aug 11, 2027 following a series of planters’ meetings held on Monday (Aug 17).
The extension was approved at 91.7% by planters of the East West Horizon Planter’s Scheme, East West One Planter’s Scheme (87.9%) and East West Planter’s Scheme 1 (83.6%).
All resolutions for which votes were taken into account across the three meetings were carried. The vote gives the respective management companies (MCs) the mandate to continue the rehabilitation programmes under the framework approved by the planters in August 2024.
That framework covered the rehabilitation of the plantations, the suspension of the monthly net return and repurchase arrangements as well as the use of monies held in the trust accounts for rehabilitation purposes.
Keeping planters engaged
Implementation ran behind schedule largely because of difficulty in securing the release of trust monies.
The rehabilitation programmes cannot proceed as scheduled as a result of the delay, late and non-release of funds needed for the rehabilitation, thus forcing the management to seek the Kuala Lumpur High Court’s intervention to force a punctual and timely release.
After a long legal process, EWOG emerged victorious and is now ready to move forward with the planters’ endorsement.
The one-year extension provides additional time for the rehabilitation programmes to be substantially completed and their effectiveness properly assessed.
During the extended period, the MCs will continue to implement the R&R exercises and report to planters periodically on their progress.
At the end of that period, they will convene further planters’ meetings to present the results and seek directions on the future of the plantations, including proposals for further rehabilitation, continued operation, sale or another appropriate course of action.
The Horizon meeting considered a wider range of matters arising from a requisition submitted by planters under Section 55 of the Interest Schemes Act 2016.
Planters approved resolutions covering the furnishing of statements of accounts and auditors’ reports, their participation in the eventual sale process through independent professionals such as valuers, agents and solicitors and amendments to the Trust Deed to give effect to the resolutions passed.
Resignation of trustee
Taken together, these measures provide planters with a more direct role in oversight as the rehabilitation progresses and the scheme moves towards the next stage of its recovery.
The meetings also noted the transition of trusteeship for the respective schemes. Pacific Trustees Bhd had voluntarily resigned as trustee of the respective schemes prior to the planters’ meetings.
Following the MCs’ application to the Companies Commission of Malaysia (SSM), the appointment of Etika Amanah Bhd (formerly Etiqa Amanah Bhd) as the incoming trustee was approved on July 10. The handover of trusteeship is proceeding as per the agreement.
In view of the change of trusteeship, the resolution on the original meeting agenda relating to the removal of Pacific Trustees and the appointment of a new trustee was no longer applicable.
Although the resolution remained on the ballot, the votes relating to Resolution 8 were not taken into account in determining the outcome of the meeting.
The immediate focus during the extended period will be to advance the rehabilitation programmes, maintain communication with planters and provide them with the information required to assess the future direction of each plantation once the extended R&R period ends.
Any future proposal for the sale of a plantation will be presented to planters for their consideration and approval at a subsequent planters’ meeting. – Aug 21, 2026
