FGV enters MoU with CMEC to set up paper pulp business
KUALA LUMPUR: FGV Holdings Bhd (FGV) is exploring a venture into the paper pulp market, using palm oil wastes.
The group, in a filing to the stock exchange on Tuesday, said it had inked an MoU with Hong Kong-listed China Machinery Engineering Corporation (CMEC) with the aim of setting up a joint venture or other collaborations in the business.
Its interim group president and CEO, Datuk Wira Azhar Abdul Hamid said the move was in line with the strategies to focus on the downstream segment, given the volatility in crude palm oil (CPO) prices.
He said the group wanted to fully utilise the by-products from its existing operations to create value.
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