Baladna Signs Shareholder Agreement to Establish an Integrated Dairy Farming Business in Malaysia
Joint venture with FGV Holdings Berhad and Touch Group
Doha, Qatar, 06 August 2022: Baladna has entered into a conditional shareholders’ agreement (Conditional SHA) with Malaysian companies FGV Holdings Berhad (FGV) and Touch Group Holdings Sdn Bhd (TGH), to develop an integrated dairy farming business in Malaysia.
Expected to be commercially operational by 2025, the project will produce 100 million litres of fresh milk per annum within the first three years and is expected to reach 300 million litres of fresh milk within 10 years. Based on Baladna’s highly successful “grass to glass” concept, the joint venture will be fully integrated, from crop production to feeding the cows, to the processing and sale of the highest quality fresh milk.
The agreement was signed by Piet Hilarides, Chief Executive Officer of Baladna; Dato’ Mohd Nazrul Izam Mansor, Group Chief Executive Officer of FGV; and YM Raja Dato' Idris Raja Halid, Group Chief Executive Officer of Touch Group Holdings.
Baladna will own 40% of the joint venture, FGV owning 40% and Touch Group will own the remaining 20%. The project, covering an area of 3,259 hectares in FGV Chuping Agro Valley (FCAV), is expected to involve an investment of circa QAR 3.6 billion.
Commenting on the initiative, Piet Hilarides said: “As a partner, Baladna will use its extensive experience in fresh milk production and brand development to substantially improve Malaysia’s self-sufficiency in milk. We are delighted to be able to partner with FGV Holdings Berhad and Touch Group Holdings”
FGV‘s Dato’ Mohd Nazrul commented: “This joint venture will be a springboard for FGV to become one of the world’s leading integrated and sustainable agribusinesses. As an organisation which is already involved in the food industry, our latest venture into this integrated dairy farming business strongly positions us in a growing milk and dairy industry, thus strengthening our presence in the food industry,”
“We hope that our participation in this joint venture would strengthen and add value to the composition of the shareholders of the joint venture, in line with the National Food Security Agenda,” said Raja Dato’ Idris of Touch Group.
The project also aims to position FGV Chuping Agro Valley (FCAV) as one of the leading agro-valley hubs in Malaysia, creating more than 2,000 job opportunities via the integrated dairy farming business. For Baladna, Qatar’s largest locally owned food and dairy supplier with a production output of 500,000 litres of milk per day across more than 250 products, the initiative is part of an outward orientation towards key international markets. The initiative is part of Baladna’s ambition to become an international dairy producer.
Home >> Banking & Investments Section
Qatar Airways Cargo Elevates Live Animal Transport with launch of Advanced Anima ...
Ogilvy Appoints Antonis Kocheilas Global Chief Transformation Officer
Msheireb Properties and Fast Company Middle East Host Successful Inaugural Innov ...
Expanding Education Support in Haiti
Hamad International Airport Boosts China-Qatar Connectivity with Inauguration of ...
GWC Posts QAR 50.88 million in Q1 Net Profits
The Autonomous e-Mobility Forum Unveils its Program and International Speakers L ...
Dukhan Bank reports a net profit of QAR 423 million for the three-month period e ...
QIC Crowned Best Travel Insurance Company in The Middle East
WCM-Q's Cornell Stars connects trainee doctors with young patients
Hysek reveals iconic timepieces at Watches & Wonders 2024
Hamad International Airport Recognised as the “World's Best Airport” at the 2024 ...
Msheireb Properties Unveils Prestigious Msheireb Award for Innovation in Design ...
Khabib's Official Training Gloves Will Be Sold at Tooba Charity Auction in Dubai
Four Seasons Resort and Residences at The Pearl-Qatar Collaborates with Renowned ...
GWC Introduces Vision Picking Technology in Qatar
Qatar Airways announces following airport and airspace reopening
Mansour bin Mohammed congratulates Hamdan bin Mohammed on the Qatar-UAE Super Sh ...
DHL Express Qatar Named Logistics Partner for the Autonomous e-Mobility (AEMOB) ...