Supply agreement for Fintec Global and Green Ocean ink biodiesel products

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KUALA LUMPUR (March 23): Technology and investment holding company Fintec Global Bhd has signed an agreement to supply around RM300 million of biodiesel-related products to Malaysia and other countries.

In a filing today with Bursa Malaysia, the company said its wholly-owned subsidiary Eco-Sponge Sdn Bhd (ECS) has signed a collaboration agreement with Green Ocean Corp Bhd’s unit, Ace Edible Oil Industries. Sdn Bhd (AEOI).

Green Ocean is involved in the palm oil, renewable and green products / services business segments. Its wholly owned subsidiary, AEOI, is primarily involved in palm kernel crushing, palm oil and palm kernel oil refining, and the production of palm kernel expellers as commodities for sale.

As part of this collaboration agreement, Green Ocean will supply products related to biodiesel and biofuels to potential customers, as well as to customers purchased by Fintec.

“Green Ocean will supply an expected amount of 150,000 metric tonnes of biodiesel per year for a total estimated value of around RM300 million to ECS, while Fintec will be responsible for promotion and marketing activities, supply chain management. supply, as well as expanding market share. initiatives in Malaysia for a period of five years from the date of execution of the collaboration agreement, ”said Fintec.

He added that the deal is in line with its business strategy to expand its presence in the biodiesel and biofuels industry, as well as generate positive feedback for the group.

Fintec Global shares remained unchanged at seven sen today, valuing the group at RM241.15 million. He saw some 23.05 million shares traded.

Green Ocean also remained unchanged at six sen, giving it a market value of RM90.17 million.


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