KUALA LUMPUR (Sept 3): Niche Capital Emas Holdings Bhd (KL:NICE) announced on Thursday that its joint development partner Greensnow Consolidated Bhd (GCB) has obtained an interim manufacturing licence from the Ministry of Investment, Trade and Industry (Miti).
The licence, granted to GCB’s wholly-owned unit Greensnow Biosolutions Sdn Bhd last month, permits it to manufacture green chemical and bio-based solvents for rare earth (RE) extraction at a facility in Kawasan Perindustrian Gebeng Phase 4 in Kuantan, said Niche Capital Emas in a bourse filing.
It said the licence carries several conditions, including a requirement to maintain capital investment of at least RM140,000, ensure Malaysian employees make up at least 80% of the workforce, and provide training to facilitate technology transfer.
Greensnow Biosolutions is also required to notify Miti and the Malaysian Investment Development Authority within six months of the approval letter for the licence to be converted to a full manufacturing licence.
“By establishing an integrated end-to-end RE earth value chain, the initiative supports the nation's strategy to promote domestic value creation and strengthen its midstream and downstream RE industries through higher value-added processing and manufacturing activities,” said Niche Capital Emas in the filing.
The companies had earlier unveiled plans to explore about 412,000 acres of rare earth-rich land across Kedah, Pahang, Terengganu and Kelantan to build an integrated supply chain covering exploration, extraction, processing and infrastructure development.
GCB is 70%-owned by Threadstone Capital Sdn Bhd. ESG Global Ventures Sdn Bhd holds a 15% stake in the company, while Mohamad Redzuan Mustaffa, Syahrir Ridha and Rahman Yaccup own the remaining 15%.
Shares of Niche Capital Emas ended flat at nine sen on Thursday, valuing the company at RM157.1 million.