From PKFZ, Indonesia Offers a Back-to-Basics Clean Slate for this Timber Company

Wijaya Baru Global Bhd GCEO Dato' Faizal Hj Abdullah discusses:

- Operations since losing timber concessions (license expired in July 2010) - selling its healthcare business and its stillborn food manufacturing business in China;
- Reasons behind share price nearly tripling so far this year despite very little operations;
- Visibility on Indonesia venture (80,000ha, RM255.2mil) - conditions precedent - earnings contribution - key assumptions - potential for JV;
- Vietnam canal waste water treatment project (first announced Feb 2008) - no major development since;
- Wijaya's role as main contractor to Kuala Dimensi S/B (turnkey contractor to PKFZ) - reputational issues;
- Wijaya subsidiaries involved in the Government's legal suit to reclaim the money lost in the PKFZ;
- Potential conflicts of interest between Dato' Sri Tiong King Sing, who controls both Kuala Dimensi as well as WIjaya - response to fund managers.