THE Country Heights Growers Scheme, a farm-sharing investment scheme, has declared a record RM24 million dividend payout to its 10,031 investors.
Plentiful Gold-Class Bhd, the scheme's manager, will pay the dividends, that translate into a net yield of 12 per cent, by February 14 2011.
"For the first three years, we paid out 8 per cent in dividends to investors. This will be the fourth year and we're giving out 12 per cent," said pioneer of the scheme Tan Sri Lee Kim Yew.
"Our investors see good growth prospects in the oil palm industry and are prepared to lock into this scheme for 23 years," he told reporters in a briefing in Seri Kembangan, Selangor, yesterday.
Lee is also the major shareholder of Country Heights Holdings Bhd. However, the scheme, covering 3,600ha of oil palm plantation in Gua Musang, Kelantan, is a separate entity from Country Heights and is managed by Plentiful Gold-Class, a subsidiary of Bee Garden Holdings Sdn Bhd.
Lee said the master title of the 4,000ha Gua Musang oil palm plantation is registered in Bee Garden Holdings' name and is held in trust with BHLB Trustee Bhd.
"When the scheme expires in 2030, the plantation land will be put up for sale and net proceeds shall be refunded to all investors proportionately," he added.
Under the scheme, Bee Garden Holdings sold 3,600ha of the 4,000ha oil palm plantation land in Gua Musang to more than 10,000 investors of the scheme and raised RM215 million.
The money was used to buy oil palm seedlings, among others.
"We started planting the seedlings in 2006. The trees are still young. So far, the dividends paid out to the scheme investors are sourced from income generated at a 480ha oil palm plantation in Lahad Datu, also owned by Bee Garden Holdings," he said.
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