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PMB Technology inks MOU for potential acquisition of Sabah land for new silicon plant

KUALA LUMPUR (March 31): PMB Technology Bhd has entered into a memorandum of understanding with Sabah Oil & Gas Development Corp Sdn Bhd (SOGDC) for the potential sublease or sale of 200 acres of land at the Sipitang Oil and Gas Industrial Park (SOGIP) in Sabah and development of a new silicon metal production plant there.

In a filing with the bourse, PMB said SOGDC — a company owned by the state of Sabah — owns and manages SOGIP, which is in the process of being developed into an industrial park dedicated for oil and gas (O&G) activities.

The company said the main objectives of the MOU are to determine and agree on the rental/price, tenure/completion period and other commercial terms for the sub-lease or sale of the land by SOGDC to PMB.

“The MOU allows the company to explore the development and operation of a new silicon metal production plant in Sabah, with sufficient, constant and steady supply of natural gas at acceptable rates to the company, by way of a sublease/sale for the said land by SOGDC to PMB,” it said.

The MOU was approved by its board of directors on Wednesday (March 30).

PMB closed up four sen or 0.2% at RM17.40 on Wednesday, giving it a market capitalisation of RM4.16 billion.

Edited by Lam Jian Wyn

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