Malaysian and Chinese firm to build RE production plant
AT Systematization Berhad and China’s Maoming Jiacheng Industrial Co., Ltd will form a joint venture company to produce renewable energy products.
Jiacheng said it would build a production plant in Malaysia due to the availability of the raw materials needed to produce RE products such as ethanol. Chairman Huang Shen said the company will incorporate petrochemical technology such as using ethanol with petroleum to produce renewable energy.
Both companies signed an agreement to seal the deal in Malaysia. They will form a joint venture and explore fund-raising through a foreign listing exercise, possibly on the London Stock Exchange, to build the new production facility.
They said Malaysia was a suitable choice for the new production facility due to the availability of high quality raw materials that will provide better production volume and profit yields.
Jiacheng has a current annual production of 600,000 tonnes of renewable energy, and supplies some of the largest companies in China. Its products include benzene, solvent oil, blending oil, light fuel oil and DM fuel.
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