Nextgreen inks MoU with Kelantan govt for projects worth RM2.23b
26 Jan 2022
Nextgreen Global Bhd has entered into a Memorandum of Understanding (MoU) with the Kelantan state government to develop sustainable projects in the state with an estimated value of RM2.23 billion.
In a filing to Bursa Malaysia today, Nextgreen said the valuation was subjected to technical assessment, finance and certificates by the state’s One-Stop Investment Committee or any committee agreed upon by the state authority.
Nextgreen is an investment holding company whose principal activities is management services, the filing said. It will invest in management costs, operations, and revenue production for the development of a palm oil collection and processing centre, forest plantation, pulp mill, animal feed mill and fertiliser plant.
The MoU is to establish cooperation through a joint-venture with the Kelantan state-linked company or any parties determined by the state government.
The MoU is effective for one year and all commitments given will be valid for the period subject to review and modification as mutually agreed.