Hong Lai Huat Group has entered into a joint venture agreement with HSC Group on Oct 18 to collaborate on the exploration and mining of mineral resources at the Cambodia-Singapore Agriculture Hub.
“This joint venture is keeping up with the Group's stated strategy and ambitions which will complement the Group's existing pipeline of projects in Cambodia despite the challenges brought by the Covid-19 pandemic,” says Hong Lai Huat Group general manager and executive director Ong Jia Jing.
See: Hong Lai Huat signs MOU with CMEC for solar farm in Cambodia
According to the company, this is the second joint venture secured for the Cambodia-Singapore Agriculture Hub, a mixed-use development spanning over 100 million sq located about an hour away from Phnom Penh. Earlier in the year, Hong Lai Huat has also signed a joint cooperation agreement with Joe Green, granting them the rights to develop a concrete panel manufacturing plant at the hub.
In June, the company had announced a memorandum of understanding signed with Cambodia Hei Shi Mineral Co in June for the exploration and mining of mineral resources, in a deal with an estimated investment value of US$20 million ($26.5 million).
Shares in Hong Lai Huat closed flat at 9.5 cents on Oct 15.
Artist's impression of the Cambodia-Singapore Agriculture Hub: Hong Lai Huat
