Conglomorate Sime Darby of Malaysia has entered into a joint-venture agreement with Singapore-based Petra Food to manufacture and trade finished chocolate confectionery products.
The agreement was signed by Sime Darby's wholly-owned subsidiary SD Holdings together with SDH's wholly-owned subsidiary Sime Confectionery (SCSB) and Petra Food on 28 June.
Petra Food will provide technical assistance to SCSB relating to the manufacture of chocolate confectionery products using the intellectual property rights of Delfi Chocolate Manufacturing.
SDH and Petra Food will subscribe for additional shares in SCSB, thereby increasing the issued and paid-up share capital of SCSB to RM11.5 million (€3.1m) comprising 11.5 million RM1 shares, 40 per cent held by SDH and the balance 60 per cent by Petra Food.