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Lereno is presently constructing a biodiesel plant in Malaysia, which is expected to be completed and commissioned in April next year. The plant will have the capacity to produce 60,000 metric tons of biofuel annually and is expected to generate annual revenues of MYR200m, MAE said.
MAE said it plans to leverage on Lereno's biofuel expertise and is currently in talks with the Economic Development Board of Singapore to build a biofuel plant on Jurong island with annual production capacity of 150, 000-200,000 metric tons.
Will issue 350m new shares at $0.05 for a 38% stake in Lereno Sdn Bhd.
MAE is moving up.
Signed a MOU with lerno Sdn Bhd in Jul for cooperation to provide mgt and technological services for developing and constructing bio-diesel production plants (of up to 150,000 tonnes capacity each) especially for one here.
The bio-diesel from the plant will be designated for the markets of Europe, Japan and Korea.
The MOU is independent of the on-going process of negiotaions and finalization of the formal agreement for the Company to purchase Eligo Sdn Bhd a 38%-share in Lereno.