KUALA LUMPUR: PLS Plantations Bhd
through its wholly-owned subsidiary Brighthill Synergy Sdn Bhd has entered into a strategic partnership with Agrofresh Management Sdn Bhd to develop Malaysia’s largest banana plantation.
Agrofresh specialises in Cavendish bananas, boasting a rich portfolio of activities encompassing R&D, seedlings, plantation, packaging, trading, and exporting to China, Europe, and Middle-East countries.
PLS Plantations said a 60:40 joint venture company named PLS Agrofresh Sdn Bhd would be set up.
With the initial 500 acres of planting, this partnership aims to scale up to 2,500 acres of banana plantations in the subsequent phases over three years.
PLS Plantations group chief executive officer Lee Hun Kheng said: “This venture marks a significant step in the realisation of our ambitious growth plans. Our collaboration with Agrofresh is poised to make a substantial contribution to the evolution of the banana plantation industry in Malaysia. PLS seeks to become one of the largest banana planters in Malaysia.”
As part of the group’s strategic collaboration with Agrofresh, PLS Agrofresh is assembling a team of experienced technical experts specialising in the development and operation of banana plantation with international standard from the Philippines.
The team will comprise of seasoned industry experts equipped with the necessary skillsets in operating a large-scale commercial banana plantation.
PLS Agrofresh’s executive director and chief executive officer Datuk Tom Chow Chin Kiat said PLS Agrofresh seeks to reduce Malaysia’s banana imports and reverse the trend by exporting home-grown bananas.
“This venture will thus contribute positively to Malaysia's trade balance by reducing import expenditure and increasing export revenue.”
The first harvest from this maiden 500 acres banana plantation is targeted to be the October/ November of 2024.
