A joint venture company, PLS Agrofresh Sdn Bhd will be set up for this initiative to develop Malaysia's largest banana plantation spanning up to 2,500 acres over 3 years.
The joint venture is expected to reduce banana imports, increase exports, and create a host of direct and indirect jobs.
This joint venture collaboration is aligned with Malaysia's National Food Security Enhancement initiative, fostering sustainable agricultural practices and economic progress.
First harvest for its maiden 500 acres is targeted to happen in the October / November 2024
KUALA LUMPUR, 14th JULY 2023 – PLS Plantations Bhd ("PLS Plantations" or “Group”), a front-runner in the Malaysia agro-food industry, through its wholly-owned subsidiary Brighthill Synergy Sdn Bhd (“Brighthill Synergy”), has entered into a strategic partnership with Agrofresh Management Sdn Bhd (“Agrofresh”) to develop Malaysia’s largest banana plantation.
Agrofresh is a wholly-owned subsidiary of Agrofresh International Sdn Bhd (“Agrofresh International”), which is a seasoned player, extensively involved in the full value chain of the agriculture-based industry. It specialises in Cavendish bananas, boasting a rich portfolio of activities encompassing R&D, seedlings, plantation, packaging, trading, and exporting to China, Europe, and Middle-East countries.
This joint venture establishes a new company named PLS Agrofresh Sdn Bhd (“PLS Agrofresh”), where PLS Plantations holds 60% and the balance by Agrofresh, is set to pioneer the development, operation, maintenance, and harvesting of an initial 500-acre banana plantation.
This collaboration is a testament to Agrofresh’s expertise in banana plantation and PLS Plantation's vision of agricultural growth. With the initial 500-acre of planting, this partnership aims to scale up to 2,500 acres of banana plantations in the subsequent phases over 3 years.
From left to right
1. PLS Plantations Bhd’s Group Head of Corporate Finance Mr Chong Yew Por 张祐坡
2. PLS Plantations Bhd’s Group Independent Director Datuk Majid Manjit bin Abdullah 拿督曼吉
3. PLS Plantations Bhd’s Group Chief Executive Officer Mr Lee Hun Kheng 李翰庆
4. PLS Agrofresh Bhd's Chief Executive Officer Dato’ Tom Chow Chin Kiat 邹正杰
5. PLS Agrofresh Bhd's Director Mr Ng Tong Loon 黄中伦
6. PLS Plantations Bhd’s Group Chief Financial Officer Mr Chow Tiam Poh 赵添宝
PLS Plantations Bhd’s Group Chief Executive Officer Mr Lee Hun Kheng said, “This venture marks a significant step in the realisation of our ambitious growth plans. Our collaboration with Agrofresh is poised to make a substantial contribution to the evolution of the banana plantation industry in Malaysia. PLS seeks to become one of the largest banana planters in Malaysia.”
As part of the Group’s strategic collaboration with Agrofresh, PLS Agrofresh is assembling a team of experienced technical experts specialising in the development and operation of banana plantation with international standard from the Philippines. The team will comprise of seasoned industry experts equipped with the necessary skillsets in operating a large-scale commercial banana plantation.
PLS Agrofresh's initiative will significantly impact both local and international markets. Domestically, the increased production of bananas will ensure a consistent supply for local consumers and stimulate various sectors of the economy, such as retail, logistics, and food processing. Besides, that, it can also result in more competitive pricing, leading to increased affordability of this nutritious fruit for Malaysians.
On the international front, PLS Agrofresh is positioned to significantly increase Malaysia's export capacity. This venture open up opportunities to form new trade relationships and enhance existing ones, contributing to the broader objective of solidifying Malaysia's status as a globally competitive player in the agro-food industry.
PLS Agrofresh’s Executive Director and Chief Executive Officer Dato’ Tom Chow Chin Kiat said, “Our joint venture with PLS Plantations is the result of more than two years of meticulous planning and a testament to our collective commitment to agricultural innovation. Agrofresh’s expertise in the full value chain of the agriculture-based industry will merge with PLS Plantations' ambition to foster agricultural growth, creating a potent synergy for unparalleled success.
We will build the first large hyper-advanced and modern banana plantation in Malaysia with foresight in R&D, Fertiliser Production, Tissue Culture, Product Development, and International Partnerships. We are not just growing bananas; we are growing Malaysia's presence on the global stage of the agro-food industry."
Dato’ Tom added that PLS Agrofresh the first harvest from this maiden 500 acres banana plantation is targeted to be the October / November of 2024.
PLS Agrofresh seeks to reduce Malaysia’s banana imports and reverse the trend by exporting home-grown bananas. This venture will thus contribute positively to Malaysia's trade balance by reducing import expenditure and increasing export revenue.
Additionally, the project will bring international money to Malaysia and create a host of direct and indirect jobs. As the plantation expands, employment opportunities will extend from the fields to packaging plants, transportation, and local and international sales.
This initiative by PLS Plantations and Agrofresh also aligns perfectly with the Malaysian government's focus on enhancing agricultural productivity and food security as part of its National Food Security Enhancement initiative.
“Leveraging on our combined proven expertise and robust track record, this alliance aims to pave the way for sustainable agriculture in Malaysia while promoting national welfare and economic progress,” Mr Lee added.
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