Genting Plantations Berhad has announced that its proposed joint venture (JV) to develop approximately 70 acres of land in Kulai, Johor has become unconditional following the completion of key agreements involving technology transfer and expertise.
The plantation group said the joint venture agreements between ACGT Vegetable Agventures Sdn Bhd and Shouguang Vegetable Science and Technology Sdn Bhd (SVST) became unconditional on 15 June 2026.
This followed the execution, delivery and completion of a technology, know-how and material transfer agreement between SVST and the JV technology company, Shouguang Vegetable GeneTech Sdn Bhd (SVG).
Under the agreement, the final agreed value of the technology, know-how and expertise contributed by SVST and SVG was set at RM210 million.
Genting Plantations said the valuation took into account the unique nature of the technology, know-how and expertise involved, as well as its potential to create new business opportunities and synergies.
The proposed JV involves the development of agricultural land in Kulai, Johor, with the collaboration expected to leverage advanced vegetable science and technology capabilities.
The completion of the proposed JV is expected to take place within 60 calendar days from the unconditional date, or such other date as mutually agreed by the parties.
