FGV inks MoU to produce biodegradable plastics

by **Cals** Wed 16 Dec 2015, 01:40

FGV inks MoU to produce biodegradable plastics

By Tan Siew Mung / theedgemarkets.com | December 15, 2015 : 6:53 PM MYT

KUALA LUMPUR (Dec 15): Plantation giant [size=16]Felda Global Ventures Holdings Bhd (FGV) ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 1.15) has entered into a memorandum of understanding (MoU) with US-based Newlight Technologies LLC and Malaysia-based company Innogas Technologies Sdn Bhd, to collaborate in a project to produce biodegradable plastics from palm oil biomass waste in Malaysia.

In a filing with Bursa Malaysia today, the company announced the signing of the MoU, dated Dec 14, 2015, with Newlight Technologies, which is involved in the production of thermoplastic materials made from air and greenhouse gases, and Innogas Technologies.

Innogas Technologies is in the business of consulting, as well as process plant engineering and technology for chemical and renewable energy.

The MoU sets out the understanding and intention of the parties during the interim exploratory period, and will remain valid for six months or such extended period as shall be agreed in writing by the parties.

FGV closed three sen or 1.94% lower at RM1.52 today, after some 3.69 million shares were traded, giving it a market capitalisation of RM5.55 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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