On May 9, STB Technologies signed a Memorandum of Understanding (MOU) with Crestino to participate in the project by investing RM20.0 million.
The sum will be paid to Ithmaar Development Company Limited (IDC) to enable Crestino to fulfill the pre-condition for the approval in principle by IDC to finance the business, Sitt Tatt said in a statement to Bursa Malaysia on May 9.
On 25 May 2007, Crestino was awarded the rights to construct and manage 100 palm oil mills in Indonesia by PT Permodalan Nasional Madani Techno Venture (PNMTV).
PT Palm Mill Indo (PMI), which is 100 per cent owned by Crestino, was established in Indonesia to oversee the management of the palm oil mills.
PMI has entered into agreements with cooperative societies in Indonesia for the supply of fresh fruit bunches (FFB).
Crestino will establish a marketing/trading company in Singapore to handle the marketing and trading of the final products of the palm oil mills, the statement said.
Sitt Tatt said the investment in the project will provide the STB Group with the opportunity to participate in palm oil milling and related businesses in Indonesia, which offers growth prospects.
It also enables the group to substantially broaden its income base beyond its current manufacturing operations in Malaysia and Singapore and provide a steady income stream to the group.
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