Wednesday, 19 March 2014

Malay firm gets partner JV for new rubber plant

Malaysian agribusiness firm Felda Global Ventures Holdings Berhad Co and locally based Pho La Min Trading Ltd (PLM) have entered into a joint-venture agreement to build a rubber processing plant in Taninthar­yi Region, the two firms announced last week.

The firms will spend an initial US$10 to $15 million on the plant, which will be built in Myeik and once finished will be able to produce a total 24,000 metric tonnes of rubber annually, said PLM chair, U Tun Tun Win, said during the announcement on March 8.

“This agreement will help us produce quality rubber for export to Malaysia and China. Later we can build a tire factory,” he said, adding that the joint venture will later construct another plant in Mon State over a total of 40,000 hectares of land.

“We certainly have high ambitions for this company to excel as a big player in Myanmar in the rubber-related industry,” said Mohd Emir Mavani Abdulla, group president and CEO of FGV.

Under the agreement, FGV would own 51 percent of the new firm, while PLM would acquire the remaining 49pc stake.

source: The Myanmar Times
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