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GREEN Peninsula Bhd (GPB) has entered into a letter of agreement (LOA) with One Genesis Sdn Bhd (OGSB) to develop a biochar manufacturing project in Pahang.
Under the agreement, GPB and OGSB will work together to carry out the biochar initiative on land spanning approximately 50 acres, located on part of a 5,000-acre area managed by GPB’s wholly owned subsidiary, Greatpine (M) Sdn Bhd.
In a filing with Bursa Malaysia today, GPB said OGSB will be responsible for designing, building, and operating the facilities, while GPB will grant access to the land and forestry residues, as well as coordinate local stakeholder engagement.
“The board of directors of GPB, having considered all aspects of the LOA, is of the view that the project is a viable and profitable business opportunity in line with its interest in promoting sustainable industry practices,” the company said.
GPB noted that the LOA is non-binding and subject to the execution of a definitive agreement, which both parties expect to finalise within the next 90 days. — TMR
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