Business News

Published: Thursday February 7, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:42:30 AM

KUB inks MoU to cultivate oil palm plantations in Sibu

KUALA LUMPUR: KUB Malaysia Bhd's unit is teaming up with Antero Capital Sdn Bhd to cultivate oil palm plantations over 8,000 ha in Kanowit, Sibu.

KUB Agro Holdings Sdn Bhd had on Thursday inked an MoU with Antero Capital for the project which would include palm oil mils and other projects.

Both parties would combine their resources and expertise to explore, apply and/or propose to the relevant authorities for the project.

KUB expected the plan to double its crop output to 200,000 tonnes per year and rake in an additional revenue of RM60mil per year upon its completion in 2018.

“The development of the plant is expected to kick in by fourth quarter this year and cultivate the land in stages of 500 hectare to 1,000 hectare within five-year period,” said KUB chief executive officer Dr Zainal Abidin Salleh.

Tags / Keywords: News, Business, KUB Malaysia Bhd, Antero Capital, cultivate oil palm plantations, Kanowit, Sibu, Business

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