KUALA LUMPUR (Nov 3): Shares in plantation giant Felda Global Venture Holding Bhd (FGV) rose up to 5% in active trades after its subsidiary Felda Agricultural Services Sdn Bhd (FASSB) signed a memorandum of understanding (MoU) with PT Mitra Agro Servindo to collaborate to market planting material and agricultural products in Indonesia.
At 11.06am, FGV was up 6 sen or 3.3% to RM1.88 with 19.2 million shares done, valuing it at RM6.64 billion.
In bourse filing yesterday, FGV said it intends to collaborate with Mitra Agro to explore the possibility of collaborating to market FASSB's planting material and other agricultural related products in Indonesia, including fertilisers produced by FPM Sdn Bhd, another subsidiary of FGV.
The MoU sets out the understanding and intention of the parties during the interim exploratory period.
Moreover, the MoU shall remain valid for six months to enable parties to finalise and agree upon a definitive agreement or such extended period as agreed in writing by the parties.