News & Events


INVESTORS INTEREST IN POIC MOUNTING

KOTA KINABALU, Thurs. (Jan 5, 2006) -- Extensive and growing local and foreign interests in investing in Sabah’s palm oil industrial cluster augur well for the success of the pioneering effort

According to Dr Pang Teck Wai, CEO of the state-owned POIC Sabah Sdn Bhd, 21 companies have registered interest since the company started operation six months ago.

The latest interest was shown by Kuala Lumpur-based Zurex Corportion, which is backed by Jakarta-based UK venture capital group Hichens Harrison and Singapore-based Fullerton Ventures Ptd Ltd. They are exploring potentials in biodiesel and by-products such as glycerine, fertilizer and phytonutrients.

This grouping’s interest brings to 21 the total number of companies which are seeking to set up palm oil-related downstream processing operations in the POIC currently being developed in Lahad Datu.

The companies are into biodiesel (six), refinery (3), bulking installation (1), oleochemical (3), food (3), fertilizer (2), palm kernel crushing (1) and biomass (1).

POIC Sabah had last month singed a joint-venture framework agreement with a Korean and a Malaysian-based company (with China interest) to build the world’s largest biodiesel plant in Lahad Datu – a 300,000 tonne per year facility.

In a briefing for the visitors at POIC Sabah’s head office at the Sabah Trade Centre yesterday, Dr Pang highlighted the investment potential in a wide range of palm oil-based processing industries in which technologies are available for commercialization.

He stressed that the Sabah Government is determined to make the palm oil industrial cluster concept a success in order to maximize revenue from the commodities, of which Sabah is the major producer in Malaysia.

Success in POIC will also translate into the creation of jobs and new wealth, and contribute to enlarging manufacturing’s 12% share of the State’s GDP.

POIC Sabah Sdn Bhd envisages the development of a total 3,000 acres of land in Lahad Datu for down stream palm oil processing facilities.

The Zurex team visited the POIC site in Lahad Datu today.

Photo: Dr Pang (left) with Hichens Harrison (Asia) Executive Director Adam Wilson (2nd left), Fullerton’s Melvyn Teo Kian Huat (3rd from right) and Zurex Corportion’s Dr Joe K F Wong (2nd from right) at POIC Sabah in Kota Kinabalu on Wednesday.


Please direct inquiries to Ms Rose Pun (088-272261, office hours) or 0178151777.


 

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