Genting Plantations completes Kulai vegetable technology JV

PETALING JAYA (Aug 14): Genting Plantations Bhd has completed its joint venture with Shouguang Vegetable Science and Technology Sdn Bhd (SVST) to develop about 70 acres of land in Kulai, Johor, as a centre of excellence for tropical vegetable crops.

The plantation group said in a Bursa Malaysia filing on Thursday (Aug 13) that the joint venture agreements (JVAs) were completed following the subscription of shares by the two parties in the joint venture technology and operating companies.

Genting Plantations’ indirect wholly-owned subsidiary ACGT Vegetable AgVentures Sdn Bhd (AVA) holds a 60% stake in both companies, while SVST holds the remaining 40%.

Shouguang Vegetable GeneTech Sdn Bhd, the JV technology company, has paid-up capital of RM210.001 million, while Shouguang Vegetable AgVentures Sdn Bhd, the JV operating company, has paid-up capital of RM310.001 million.

The JVAs became unconditional on June 15 following the execution, delivery and completion of a technology, know-how and material transfer agreement between SVST and Shouguang Vegetable GeneTech.

Under the June 15 filing, completion of the JV was to take place within 60 calendar days of the unconditional date, or such other date as the parties might agree in writing.

Genting Plantations said at the time that the final agreed value of the technology, know-how and expertise, as determined by SVST and Shouguang Vegetable GeneTech, was RM210 million, taking into account their unique nature and prospects for new business verticals and synergies.

The JV was first announced in August 2025, when Genting Plantations said the Kulai site was to be developed as a centre of excellence in tropical vegetable crops to support sustainable economic growth and food security.

In February, the parties had agreed to extend the period for fulfilling the JVAs’ conditions precedent by six months to Aug 17, 2026, to allow more time to complete the valuation of the relevant technology, know-how and material, as well as the feasibility study for the development.

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