PPB associate Wilmar to build largest rice mill in Myanmar economic zone

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KUALA LUMPUR (Nov 6): PPB Group Bhd's 18.5%-owned associate Wilmar International Ltd will build the largest rice mill in Myanmar's Thilawa Special Economic Zone to capitalise on Myanmar's economic growth, Eleven Media Group Co Ltd reported, quoting Wilmar International chairman and chief executive officer Kuok Khoon Hong.

Eleven Media reported that Singapore-listed Wilmar International via subsidiary Wilmar Myanmar will build the mill, which will produce up to 1,200 tonnes of rice a day.

Kuok was quoted as saying: "I believe that Myanmar owns the prosperity of business and agriculture sectors. So, it can create not only local agricultural imports (but) local and foreign markets."

It was reported that upon completion of the rice mill, rice bags will be exported to other countries via Thilawa.

"Wilmar Myanmar had opened the Wilmar Jetty on March 25, 2018. Myanmar Investment Commission granted Wilmar (the right) to operate Wilmar Myanmar Port Terminals (Thilawa) under a 50-year build, operate and transfer agreement with the government.

"The jetty has a total length of 234 meters and a 25-meter breadth. Moreover, plans are underway to extend the jetty construction (to have a) 390 meter length and 13 meter depth. It is the 3rd general commodity jetty and construction was started in February 2016 and completed by the end of November 2017," Eleven Media reported.

At Bursa Malaysia today, PPB's share price rose four sen or 0.22% to RM18.24 at 11:32am. PPB saw 11,600 shares traded.