Sabah govt enters joint venture in downstream coconut business

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Sabah govt enters joint venture in downstream coconut business
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KOTA KINABALU: The Sabah government is set to hold a 30% stake in the RM400mil high-yield coconut plantation and coconut-based manufacturing facility project developed by Linaco Resources Sdn Bhd in Sabah's north-eastern Beluran district.

Chief Minister Datuk Seri Hajiji Noor said that the state government provided 2,000ha of land for the high-impact project and they expected the project to return up to RM1.2bil annually to Sabah’s economy.

Hajiji said the project was taking off following a memorandum of understanding inked between the state government and Linaco Resources to develop Sabah's coconut-based industry in March last year. "This RM400mil project will definitely create a big impact. With an expected RM1.5bil annual income, surely the economic spillovers will transform Paitan and create employment opportunities to Paitan and nearby communities," he said.

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