PETALING JAYA: East West One Group (EWOG) has obtained planters’ approval for the company’s rehabilitation and restructuring exercise across all three of its schemes – East West One Planter’s Scheme (EWOP), East West Horizon Planter’s Scheme, and East-West Planter Scheme 1.
All proposals for the schemes received strong approval at a planters’ meeting held on Monday.
The approval of the resolutions have given EWOG the green light to start the rehabilitation and restructuring exercise for plantations under EWOP. The two-year project will focus on improving the plantations to enhance their yield and overall value.
EWOG said in a statement that the past few years have seen significant challenges that severely impacted plantation operations, including the global Covid-19 pandemic, La Niña weather phenomenon, industry-wide labour shortages, disputes with landowners and repeated injunctions that prevented timely convening of planters’ meetings from addressing these issues.
These cumulative challenges have compounded the management company’s cash flow problems, resulting in an inability to meet payment obligations.
To address these issues, EWOP has engaged Palmiss Sdn Bhd (PSB), a renowned oil palm plantation consultancy, since January 2023. PSB has been tasked with providing strategic direction and managing the plantations to unlock their full yield potential.
With the planters’ approval, EWOG will redirect its resources towards the rehabilitation process, which is expected to take two years.
“We are deeply grateful for the support shown by our investors during these challenging times. The successful passing of the resolutions is a significant step towards stabilising and revitalising our plantations.
“We are committed to working diligently over the next two years to rehabilitate our assets and secure the best possible outcomes for all stakeholders,“ the company said in the statement.
