KUALA LUMPUR (Dec 15): Plantation giant Felda Global Ventures Holdings Bhd (FGV) has entered into a memorandum of understanding (MoU) with US-based Newlight Technologies LLC and Malaysia-based company Innogas Technologies Sdn Bhd, to collaborate in a project to produce biodegradable plastics from palm oil biomass waste in Malaysia.

In a filing with Bursa Malaysia today, the company announced the signing of the MoU, dated Dec 14, 2015, with Newlight Technologies, which is involved in the production of thermoplastic materials made from air and greenhouse gases, and Innogas Technologies.

Innogas Technologies is in the business of consulting, as well as process plant engineering and technology for chemical and renewable energy.

The MoU sets out the understanding and intention of the parties during the interim exploratory period, and will remain valid for six months or such extended period as shall be agreed in writing by the parties.

FGV closed three sen or 1.94% lower at RM1.52 today, after some 3.69 million shares were traded, giving it a market capitalisation of RM5.55 billion.

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