Hong Lai Huat Group is selling a 50% interest in its tapioca venture in Cambodia to a Thai company for US$32.5 million.
BioMatLink, led by founder and CEO Thanika Chintanapunt, is described as a multinational firm specialising in innovative, high-tech, large-scale tapioca cultivation.
It is also involved in the production of bio-ethanol via a network of production facilities.
According to Hong Lai Huat, its tapioca venture covers some 10,000 hectares of farmland and is also equipped with processing and supporting facilities.
It is located in the Aoral District, Kampong Speu Province of Cambodia.
"With BioMat’s extensive background as well as several years of experience in large scale tapioca plantation, the production of upstream and downstream cassava products and bio-ethanol production, the board is of the opinion that the proposed transaction is beneficial to the group in the long run," says Hong Lai Huat.
