Majuperak Holdings appoints Modhka to extract raw kaolin in Perak
Majuperak Energy Resources Sdn Bhd (MER) inked an operation and extraction of Kaolin agreement with MMSB to carry out the said operations.
KUALA LUMPUR: Main Market-listed property developer Majuperak Holdings Bhd's (MHB) has appointed Modkha Marine Sdn Bhd (MMSB) as the operator for kaolin mining operation in Perak.
MHB, via its wholly-owned subsidiary Majuperak Energy Resources Sdn Bhd (MER) inked an operation and extraction of Kaolin agreement with MMSB to carry out the said operations.
MER, being the registered owner the 34-acre land in Mukim Sungai Raya Daerah Kinta, Perak and has been identified raw kaolin and Modkha has the right to carry out mining operations on the land.
Based on 2.6 million metric tonnes of kaolin in the land and RM13.50 per metric tonne for MER's entitlement as the landowner, MMSB shall pay MER RM35.1 million, a filing with Bursa Malaysia shows.
In a statement, the company said this agreement presents the opportunity for MHB to unlock the value of the land by appointing MMSB as the operator to extract kaolin.
"This would subsequently create an additional income stream to enhance the Group's business growth and shareholders' value," it said.