This article first appeared in The Edge Financial Daily on November 7, 2019

KUALA LUMPUR: 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 its 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] also local and foreign markets.”

It was reported that upon completion of the rice mill, rice bags will be exported to other countries via Wilmar Myanmar Port Terminals (Thilawa) Ltd.

“Wilmar Myanmar opened the Wilmar Jetty on March 25, 2018. The Myanmar Investment Commission granted Wilmar [the right] to operate Thilawa under a 50-year build, operate and transfer agreement with the government.

“The jetty has a total length of 234m and a 25m breadth. Plans are under way to extend the jetty construction [to have a] 390m length and 13m depth,” Eleven Media reported.

PPB’s share price yesterday rose eight sen or 0.44% to settle at RM18.28 after 249,900 shares were done, with a market capitalisation of RM26.01 billion.