PETALING JAYA: Genting Plantations Bhd
has proposed to undertake a joint venture (JV) with Shouguang Vegetable Science and Technology Sdn Bhd (SVST) to develop approximately 70 acres of land in Kulai, Johor as a centre of excellence in tropical vegetable crops.
The plan is to have two separate companies: the JV Technology Co and JV Operating Co whereby Genting Plantations will hold the majority 60% with SVST the remainder, it said in a filing with Bursa Malaysia.
The initial share capital of the JV companies will be RM1,000 comprising 1,000 ordinary shares of RM1 each, it said.
This will eventually rise to an intended paid-up capital of RM210mil for the JV Technology Co and RM315mil for the JV Operating Co, it said.
SVST is an indirect unit of China-based Shandong Shouguang Vegetable Industry Group Co Ltd (SSVIG).
The China-based SSVIG was established in 1998, and is a national key leading enterprise in agricultural industrialisation in China.
SVST will provide contribution in-kind through the provision of technology and expertise, while Genting Plantations will provide capital for the JV Technology Co.
