KUALA LUMPUR (July 25): PLS Plantations Bhd’s associate company has partnered with China-based agricultural company Guangzhou Jiangnan Agricultural Development Co, Ltd to explore various agriculture projects.

In a filing to the exchange on Tuesday (July 25), the company said its associate PLS LESB Sdn Bhd, signed the agreement with Guangzhou — the largest fruit and vegetable wholesale market in southern China and the largest fruit and vegetable distribution centre in South East Asia.

As of 2022, the Jiangnan group has achieved a total annual sales transaction volume of up to RM32 billion.

PLS said the collaboration of the two parties will be focused on durian farming and other cash crops, aquaculture, animal farming, downstream projects such as crop harvesting and collection, development of factory and processing facilities, and offtake services.

"This alliance will position PLS to optimise their distribution of agri and agro products, which is a crucial step towards sustainable operations," said group chief executive officer of PLS
Plantations Lee Hun Kheng.

PLS further said Jiangnan group is at the forefront of investing and operating large-scale agriculture trading markets and logistics parks.

The company's network extends to diverse sectors like agricultural production, distribution of agricultural products, agricultural project development, new retail, property management, big data, e-commerce, and commodity trade.

PLS shares closed a sen lower or 1.05% to 94 sen, valuing the company, which is involved in the operation and management of oil palm plantation in Malaysia, at RM411.07 million.