The Board of Directors of Nextgreen (“Board”) wishes to announce that the Company had on 8 April 2024 entered into a Shareholders’ Agreement (“SA”) with IOI Paper Pulp Sdn Bhd (formerly known as IOI Copra Mill Sdn Bhd), an indirect wholly-owned subsidiary of IOI Corporation Berhad (“IOI Paper Pulp”) and Nextgreen IOI Pulp Sdn Bhd (“NIP” or the “JVC”) to mutually cooperate in the conduct of the business and affairs of the joint venture company, NIP and to govern the rights and obligations of the parties in NIP.

Nextgreen, IOI Paper Pulp and NIP collectively referred to as the “Parties” and each a “Party”.

The purpose of the joint venture is to formalise a collaboration between the Parties and to draw the skills, expertise, experience and capabilities of each other for the benefit of the JVC (“Joint Venture”) in relation to the development of the first large-scale zero-waste paper pulp plant with an initial capacity to produce 100,000 metric tonnes per annum of paper pulp, made from oil palm empty fruit bunches (“EFB”), using the patented Preconditioning Refiner Chemical-Recycle Bleached Mechanised Pulp (“PRC-RBMP”) technology (“Pulp Production Facility”) on a plot of industrial land measuring approximately 43 acres in the 410 acres Green Technology Park located in Pekan, Pahang (“Project”).

Please refer to the attachment for the details of the announcement. 

This announcement is dated 8 April 2024.