Compugates signs MoU for another PNG logging project

KUALA LUMPUR: Compugates Holdings Bhd, which was recently invited by Papua New Guinea-based Marrienberg Hills Resources Development Ltd (MHRD) to log 26,000ha of its PNG forested land, has entered into a memorandum of understanding (MoU) with another landowner to engage it as a logger over 70,000ha in PNG.

The consumer electronic product distributor told Bursa Malaysia that its unit Compugates Perak Sdn Bhd (CPSB), which cultivates and sells agricultural products, signed a memorandum with Lower Sepik Holdings Ltd to undertake the project.

Lower Sepik will maintain its invitation to CPSB exclusively for a period of six months and will not invite any other person or entity for that purpose.

The logging and marketing contract is for a term of five years and is renewable.