Manufacturing: The division is yet to record any operating revenue from Pulp & Paper Making segment for both quarter under review and first half year 2021 as the pulp & paper manufacturing plant is yet to be completed and at the final stage. Due to MCO 3.0 taking place to contain the pandemic during the quarter under review, it has caused further delay for the completion and commissioning of the plant as the construction works at site has to be minimal.
PROSPECTS: GTP was conceptualised and put forward to revolutionise the printing and publishing industry by providing a new source of eco-friendly and sustainable pulp and paper. On 29 January 2021, Nextgreen entered into the JV Agreement (“JVA”) with Dengkil Paper Mill to undertake the JV Business to engage in the business of setting up and operating a 5,000 metric tons (“MT”) per annum tissue paper mill in Malaysia and such other related businesses as the parties may mutually agree from time to time. On 17 August 2021, Nextgreen Enviro Sdn Bhd has be formed to formalize the JV Business and kick start the project.The JV Co is expected to augur well with the existing businesses of the Group and is expected to improve the future financial position and financial performance of the Group. The Group had also on 22 February 2021 entered into a cooperation agreement with IHI Corporation to conduct a study to evaluate the possible collaboration between the Company and IHI through contribution of their expertise in their respective trade in relation to the development of Phase 2A and Phase 2B of the GTP.
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