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SAND Capital joint venture to develop Danzhou Forest
Sinchew Fri, Jan 08, 2021 09:52am-37 minutes ago
(Kuala Lumpur, 7th) SAND Capital (SNC, 7943, Main Board Consumer Product Service Group) announced that its wholly-owned subsidiary LCI and INTEGRATED BIOGRANIX VENTURES have reached a joint venture agreement to jointly develop a forest in Kelantan.
The company stated in a statement that INTEGRATED will authorize LCI to harvest and plant existing secondary forest logs on the Sokor Taku Permanent Forest Reserve in Kelantan, which covers an area of approximately 5434 hectares (equivalent to 10,000 3445 acres).
LCI will be responsible for cutting the existing secondary forest logs, cleaning and grading, planting, farming and logging, as well as the sales and marketing of logs, and also has absolute authority to appoint contractors.
According to the agreement, INTEG RAT ED can obtain 70% net profit from existing forest logs, and LCI can obtain 30% net profit. The distribution of net profit from sales of logs planted later is: INTEGRATED receives 30%, and LCI receives 70%.
