FGV Holdings Berhad, a Malaysian-based global agricultural and agri-commodities company has said that its subsidiary FWQ Enterprises (Private) Ltd has entered into a MoU with Malaysia’s Johor Port Bhd (JPB), to explore the potential acquisition of a 25 percent stake in Fauji Akbar Portia Marine Terminals (FAP), an operating dry bulk terminal in Port Qasim, Pakistan.
“JPB and FWQ intend to join hands to form an unincorporated joint venture for the sole purpose of preparation and submission of an expression of interest (EOI) as required to be submitted to FAP and/or Fauji Foundation, (as the case may be) as set out under the teaser document,” FGV said in a filing, reported Malaysian media.
FGV said FAP had extended an invitation to select a potential investor of up to 25pc equity for its future expansion plan, with works comprising land reclamation for additional storage, installation of new unloaders, warehouse extension, installation of new silos and jetty extension.
“The members are committed to submit the EOI and shall work together and cooperate in good faith and do all acts as may be necessary or required to fulfil the reasonable requirements of FAP,” FGV said.
As per reports, the Memorandum of Understanding will remain valid for two years, with the company to make further announcement on any definitive agreement signed between the parties.