KUALA LUMPUR: Nextgreen Global Bhd (NGGB) today announced that Yuwang Plantation Sdn Bhd has emerged as a substantial shareholder with the acquisition of 55.0 million shares, equivalent to a 5.4 per cent stake.
The green technology park developer is also in manufacturing, printing, and publishing.
Nextgreen runs an integrated industrial park for upstream and downstream pulp and paper industries.
The green technology park aims to manufacture non-wood pulp and paper products from oil palm biomass by integrating the world's first technology breakthrough in pulp and paper production with zero waste and renewable energy technology.
Established in 2002, Yuwang Plantation, a subsidiary of Yuwang Group, specialises in the cultivation of oil palm estates and the processing of fresh fruit bunches into crude palm oil and palm kernel.
It manages approximately 65,000 acres of oil palm estates, and 20,000 acres of rubber estates and operates 8 palm oil mills.
"We are delighted to welcome Yuwang Plantation as a substantial shareholder of NGGB. Its investment is a testament to our shared vision of a greener, more sustainable future. We look forward to working closely with Yuwang Plantation to advance our initiatives in green technology and sustainable development," NGGB managing director Dato' Lim Thiam Huat said in a statement today.
Nextgreen Technology closed half a sen lower to 89.5 sen a share today, giving it a market capitalisation of RM908.6 million.