Pasdec enters MoA for proposed JV company

KUALA LUMPUR: Pahang-based property developer Pasdec Holdings Bhd has entered into a memorandum of agreement (MoA) with Pembangunan Buku Hijau Holdings Sdn Bhd (PBHH), and Imtech Dygenic Technology (M) Sdn Bhd to form a 40:40:20 joint-venture company (JV) for the proposed National Halal Gelatine project.

In a filing with Bursa Malaysia on Wednesday, June 23, the company said that the MoA would enable the three companies to collaborate towards financing and entering into a more definitive agreement for the development of the National Halal Gelatine project.

”PBHH is engaged in, among other related businesses, the establishment of a technical centre for marine fishery and aquaculture products in Malaysia. Imtech is engaged in, among other related businesses, the business of providing innovative solutions for complex drying processes,” Pasdec said in its statement to Bursa.

Among the terms that were mentioned are that the manufacturing plant for the National Halal Gelatine project would be located in Pahang, and Pasdec will make available a suitable piece of land for that purpose.

Meanwhile, PBHH and Imtech are responsible for ensuring that the JV company has sufficient supply of raw materials, as well as act as the technology provider, and provide technical support and expertise for the project.

The three companies aim to form the JV company before the year's end.