KUALA LUMPUR (April 14): Investment holding company PRG Holdings Bhd, which is involved in property development, construction and manufacturing businesses, is tapping into international halal markets via its wholly-owned subsidiary Premier International Marketing Sdn Bhd (PIM).
In a statement today, PRG said PIM will enter into a memorandum of understanding with Felcra International Private Ltd (FIV) and Overseas Investment Union of The Investment Association of China (OIU) on April 16, 2017 to explore potential business opportunities to market halal products owned by Felcra Livestock and Agri Product Sdn Bhd (FLAP) in China and Hong Kong.
FIV is a wholly-owned subsidiary of Federal Land Consolidation and Rehabilitation Authority Bhd (Felcra).
OIU, meanwhile, was set up by The Investment Association of China in 2012 with the aim of attracting Chinese enterprises intending to develop international affairs, and improve the core competitiveness of local companies by introducing advanced technology from the outside world.
PRG said the intended collaboration between the parties would also make way for the introduction of halal products owned by FLAP into international halal markets apart from China and Hong Kong.
“This intended collaboration is part of our strategies to enhance our presence outside of Malaysia and to allow PRG to accelerate growth across diverse markets,” said its group managing director Datuk Lua Choon Hann.
“Combined with the strengths of OIU, which has a strong presence in China, PRG will be able to leverage Felcra’s halal products to tap into the business opportunities of China’s halal food market,” Lua said.
He added this is also in line with Felcra’s vision to explore and expand into China’s halal food market. “I am very optimistic that we are going to do well. It’s a win-win situation for all.”
PRG’s share price settled 0.6% higher at 89.5 sen, valuing the group at RM266.91 million.
Originally published on www.theedgemarkets.com