KUALA LUMPUR: East West One Group (EWOG), Malaysia's oil palm interest scheme operator, plans to hold planters' meetings for all planters schemes in the first half of January 2024.
In a statement, the company said this is subject to finalising the revised rehabilitation and restructuring (R&R) plan, obtaining approval from the relevant authorities, and lifting the injunctions previously secured by a minority of oil palm planters in the planter schemes.
"These planters' meetings will prove critical for continuing the company's efforts to ensure the continuation and sustainability of its managed oil palm planters' schemes.
"Developing our revised R&R plan has been a collaborative effort, incorporating valuable insights and feedback from our oil palm planters," an EWOG statement noted.
Further, the company said this inclusive approach underlines EWOG's commitment to transparency and engagement with all its stakeholders.
"We are optimistic that our oil palm planters will lend their support, allowing us to effectively implement the revised R&R plan and lead the company towards a more prosperous future," EWOG added.
EWOG oversees an investment plan for oil palm plantations called the East West One Planter's Scheme, East West Horizon Planter's Scheme, and East West Planter's Scheme 1.
This plan is authorised under the Interest Schemes Act 2016 and regulated by the Companies Commission of Malaysia (CCM).
It emphasises a dedication to safeguarding the interests of investors.
EWOG has been working to develop and introduce a comprehensive revised R&R plan, aiming to revitalise the operations, ensure the planter's schemes' long-term sustainability, and safeguard all stakeholders' interests.
Despite the significant operational challenges in recent years, the company has also reiterated its commitment to safeguarding planters' interests and achieving a mutually beneficial outcome for all stakeholders.
"At EWOG, protecting the interests of our planters remains our top priority. The company has been working tirelessly to navigate unprecedented challenges from 2020 to 2022 that have impacted our plantation assets, including the global Covid-19 pandemic, the La Nina weather phenomenon, workforce shortages, and increasing operational costs.
"These challenges have strained our resources, leading to disruptions and affecting our ability to meet our commitments to pay monthly net returns (MNRs) and capital paybacks upon expiry of the respective planter's agreement term," the company said.