Talam Transform in joint venture to expand into melon farming

PETALING JAYA: Talam Transform Bhd has entered into a shareholders agreement with Smart Hybrid Resources Sdn Bhd and Skyscraper Airhydro Industries Sdn Bhd, via its indirect subsidiary Envy Vista Sdn Bhd, to formalise their relationship in a joint-venture company, Seaview Plantations Sdn Bhd.

Seaview Plantations is another indirect subsidiary of Talam Transform which will carry out the business of developing large-scale sustainable modern commercial melon farming or any crop on the land to produce premium quality safe food and to market the products to both the local and international markets.

Envy Vista will hold a 70% stake in Seaview Plantations, while Smart Hybrid will hold the remaining 30%.

In its Bursa filing, Talam Transform said the venture will enable it to embark in the business of large scale sustainable modern commercial quality agriculture and farming on its existing land banks with no immediate potential for development, to both the local and international markets.

“The business shall be conducted in the best interests of the company and the shareholders on sound commercial profit-making principles so as to generate the maximum achievable, maintainable and sustainable profits for the group.

In addition, it will generate quick cash flow for the group to improve its current liquidity position especially during the current soft property market sentiment,” it said.

The proposed joint venture is expected to commence the ground preparation works in the 4th quarter of 2020.