Mieco Chipboard's unit, K-One Corp ink MoU for wood pellet supply deal
K-One is a leading wood pellet importer in Korea.
In filings with Bursa Malaysia today, Mieco Chipboard, which specialises in a diverse range of engineered wood products, said the MoU is valued at approximately RM100 million per annum for five years.
"Mieco Manufacturing will leverage its existing manufacturing expertise and facilities to support this expansion into the production of wood pellets.
"This expansion reflects Mieco's forward-looking vision, evolving with the green energy landscape, while maintaining the values, capabilities, and reliability that have defined the company for decades,' it said.
Mieco said the MoU allows the group to tap into a fast-growing market while reinforcing its long-term commitment to both environmental responsibility and the strength of its core wood-based business.
It also noted that the partnership comes into effect on the date of execution and will remain in effect for five years and may be extended by mutual written agreement at least six months before expiration.
Under the collaboration, Mieco will designate K-One as its primary and preferential distributor for a consistent volume of wood pellets in Korea, Japan, and other international markets. - Bernama
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