PLS Plantations aborts cash crop JV in Pahang

PETALING JAYA: PLS Plantations Bhd is aborting its RM50mil investment into a 51:49 joint venture with Landasan Erajaya Sdn Bhd to undertake cash crop plantation activities in Pahang.

In a filing with Bursa Malaysia yesterday, PLS Plantations said both parties have mutually agreed not to further extend the binding term sheet (BTS).

"Accordingly, the BTS has lapsed on April 13, 2023,” said PLS Plantations.

In an earlier statement, PLS Plantations said it aimed to transform into a leading, sustainable, agrofood company by building a sustainable food ecosystem that will contribute to the nation’s food sufficiency and elevate the agriculture industry.