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BRIGHT Packaging Industry Bhd has entered into a new joint venture agreement (JVA) with Datai Plantations Sdn Bhd (DPSB) to strengthen its diversification strategy in the oil palm plantation sector.
The new agreement, signed today, supersedes the earlier JVA dated May 5, 2023.
The unincorporated joint venture aims to develop and manage an oil palm plantation project in Loba Bunut, Bintangor, Sarikei Division, Sarawak.
The project, spanning approximately 1,921 hectares with an estimated 1,152.6 hectares of plantable area, is managed by Datai Pelita Bintangor Sdn Bhd (DPBSB) – 60%-owned by DPSB and 40% by LCDA Holdings Sdn Bhd, a wholly owned unit of the Sarawak state agency, LCDA.
To participate in the venture, Bright will invest RM3.4 million in DPSB, with funds earmarked for infrastructure, water management, and crop maintenance.
In return, Bright will be entitled to 50% of DPSB’s share of dividends declared by DPBSB.
It also holds the right to convert its profit share into up to 50% equity in DPSB in the future.
The investment is backed by a land valuation of RM42.5 million by Henry Butcher Malaysia (Miri) Sdn Bhd.
As of now, 889.3 hectares of the plantation have been planted, with progressive planting from 2017 through 2025. — TMR
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