PPB's Wilmar eyes property projects - report

KUALA LUMPUR (Dec 15): PPB Group Bhd's 18.3%-owned associate, Wilmar International Ltd, is capitalising on newly appointed chief operating officer Pua Seck Guan's expertise to undertake property projects.

Singapore's The Straits Times quoted Wilmar chairman and chief executive Kuok Khoon Hong as saying Perennial Real Estate Holdings Ltd chief executive Pua could open the door to ventures into real estate projects for agribusiness-based Wilmar.

"Mr Pua has extensive leadership, management and entrepreneurial skills and experience in growing businesses in different markets.

"These qualities make him suitable to manage Wilmar's global operations. Experience in agribusiness is an advantage but not essential, as he can learn the business," Kuok said.

Wilmar and Perennial are listed on the Singapore exchange while PPB is listed on Bursa Malaysia. At 12:30pm, PPB shares settled unchanged at RM15.36 for a market capitalisation of RM18.28 billion.

Kuok said Wilmar had in the past declined government real estate project offers as the group did not have expertise in property development.

"In many places where Wilmar has significant operations, we have been offered attractive projects by the local government, which we declined as we do not have expertise in property development.

"With the association with Perennial through Mr Pua, these projects can be undertaken by Perennial, with Wilmar maybe taking a small stake. Successful development of these projects will enhance Wilmar's relationship with the government and standing of the company in those places," Kuok said.