Felda Global Ventures Signs Agreement to Explore Supplying Palm Oil Products in China

By Yantoultra NguiFeaturesDow Jones Newswires

KUALA LUMPUR, Malaysia-- Felda Global Ventures Holdings Bhd. (5222.KU), a Malaysian palm plantation operator, said Monday it has signed a memorandum of understanding with China's Sinograin Oils Corporation to collaborate on exploring possibilities for the supply, storage, processing and distribution of its palm oil based products in China.

Felda Global said the MOU, valid for one year or such extended period agreed by both parties, sets out the parties' understanding and intention during the interim exploratory period, according to a local stock exchange filing.

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Shares of Felda Global were up 0.5% at MYR1.92 at midday break before the announcement. Shares of the company have climbed some 23% year-to-date.

-- Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

May 15, 2017 02:50 ET (06:50 GMT)