Community Hidayah inks joint-venture agreement with PT Mahkota Ibu Pertiwi

LABUAN: Investment, property and construction company, Community Hidayah (Labuan) Ltd, has signed a memorandum of understanding ( MOU) on a joint- venture ( JV) with Indonesian property developer, PT Mahkota Ibu Pertiwi, for several projects in Malaysia and Indonesia.

Community Hidayah chief executive off icer, Suwardi Zainuddin, said the companies would be collaborating in conducting import and export business activities, especially on commodities.

“PT Mahkota Ibu Pertiwi has also agreed to inject some capital in US dollar into Community Hidayah’s coffers as part of the agreement for the JV,” he told Bernama after the signing of the MOU yesterday.

Among other things, the MOU also entailed the inclusion of two of PT Mahkota’s appointed directors in Community Hidayah’s board of directors.

He said several areas were identified for the JV, including agriculture, oil and gas, methanol- based production, asset management, investment, housing construction and financial support.

“We are also looking at the potentials of producing methanol- based products, like cosmetics and household products,” Suwardi said.

He said the company had held an informal discussions with Petronas Methanol Labuan ( PLM) on its long- term plan to produce methanol- based products, which have been widely used in foreign countries.

“It was very encouraging and we are optimistic on the outcome,” he said. — Bernama