KUALA LUMPUR: Nextgreen Global Bhd‘s wholly-owned subsidiary Nextgreen Resources Sdn Bhd has entered into a joint venture with P Teguh Services Sdn Bhd via a special purpose vehicle for the purpose of trading in biodiesel products.

In a filing with Bursa Malaysia, Nextgreen said the JV will engage in the business of trading, supply and export of biodiesel, edible cooking oil and related products including equipment and facilities, construction of depot and other related businesses as mutually agreed upon by the parties.

It said the business aims to maximise the value of palm oil waste and circular economy (waste-to-value) concept of the group.

“The JVA is not expected to have any material impact on Nextgreen’s earnings per share, net assets and gearing for the current financial year ending 31 December 2023.

“However, it is expected to contribute positively to the future earnings of Nextgreen,” it said.