KUALA LUMPUR (July 15): Tex Cycle Technology (M) Bhd is teaming up with privately-held Pakar Go Green Sdn Bhd to embark into the biochar production business.

In a filing with Bursa Malaysia today, Tex Cycle said its wholly-owned subsidiary, Tex Cycle (P2) Sdn Bhd, has entered into a memorandum of understanding (MoU) with Pakar Go Green on how they will collaborate and conduct their respective and collective organisations’ business for the success of their entry into new and global markets.

Pakar Go Green has seven years of engineering, environment and technology experience as consultant related to wastewater and environmental study, and is also a biochar producer.

Under the partnership, Tex Cycle P2 will provide the technology and technical know-how while Pakar Go Green will secure the state regulatory processes and feedstocks for the project.

"The MoU is not a commitment of funds but rather an agreement to work together and if feasible to embark into the biochar production business," said Tex Cycle.

The MoU will remain in effect for a duration of five years.

Tex Cycle shares closed up 1.5 sen or 3.26% at 47.5 sen today, with 9,100 shares done, bringing a market capitalisation of RM121.69 million.