Japan's tech company MYFARM Inc will be investing RM210 million in PLS Plantations Bhd's large-scale durian cultivation project spanning over 1,000ha of land in Raub, Pahang. The investment marks the largest in durian plantations by a Japanese company. PLS Plantations group chairman Tan Sri Nazir Razak said the capital injection from the Japanese company will help the construction and plantation group realize a portion of its early investment in durian plantations.
Under the deal, MAT will subscribe to a 49% stake in JV company Akar Barat Jaya Sdn Bhd and has agreed to pay PLS-LESB RM210 million of the investment consideration. PLS-LESB will be the majority stakeholder in the JV vehicle, with a 51% stake.
Nazir said PLS Plantations has a total of 1,500ha of land, planted mostly with Musang King durian trees with profiles ranging from zero to three years old.
Source: theedgemarkets.com