KUALA LUMPUR: HB Global
Ltd has entered into a joint venture cum shareholders' agreement (JVA) with HIS Holdings Sdn Bhd to jointly develop artificial intelligence (AI) technology-driven agriculture and plantations activities and businesses on a 500-acre trace in Pahang.
It said in a statement the JV entity will be known as HB Global Capital Sdn Bhd, which will be 55% owned by HB Global with the remaining 45% stake held by HIS Holdings.
HB Global said it will bring its expertise in upstream agriculture, while HIS Holdings shall procure approximately 500 acres of suitable land in Pekan, Pahang, for the project.
HB Global chairman Datuk Muhammad Abdullah said it will be investing up to RM9mil to transform the 500-acre site into a cutting-edge AI-driven plantation.
"The venture perfectly aligns with HB Global's strategic plans to strengthen our position in the agriculture upstream segment," he added.
For the project, HB Global is collaborating with leading provider of AI enterprise cloud solutions, Work At Cloud Sdn Bhd, as the technology partner.
