Singapore firm backs cassava

[PHNOM PENH POST]

Khov Choly Group has partnered with a Singaporean company on a US$22 million joint venture to grow cassava in the Kingdom and build a processing factory to allow for exports to Japan and China.

Khov Phallabut, director for Khov Choly Group, would not reveal the name of the Singaporean partner, or the name of the new company, but he did offer a time frame for the company’s launch. He said that preparations for growing would start midyear and he expected the processing factory to be completed by 2012.

The business would operate in Siem Reap, Preah Vihear, Oddar Meancheay and Mondulkiri provinces, he said.

Khov Choly Group will control 60 percent of the new company, or a $13.2 million stake, while the Singaporean investor would own a 40-percent share worth $8.8 million, said Khov Phallabut. He also said he plans to export dry cassava to China and the processed powder to Japan.