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KUALA LUMPUR: FGV Holdings Bhd's (FGV) shares on Bursa Malaysia rose this morning following its announcement of a joint-venture (JV) with Qatar-based Baladna Food Industries W.L.L (Baladna) and Touch Group Holdings Sdn Bhd to develop a RM4.5 billion integrated dairy farm business in Perlis.

At 10.10 am, the counter rose two sen to RM1.53 with 105,200 shares changing hands.

Yesterday, FGV said its wholly-owned subsidiary, FGV Integrated Farming Holdings Sdn Bhd would have a 40 per cent stake in the JV company, while Baladna and Touch Holdings Sdn Bhd would have a 40 per cent and 20 per cent share of the company, respectively.

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The JV is expected to have a total funding of up to RM4.5 billion, 70 per cent of which through external financing and 30 per cent via capital cash injection from the parties.

In a note, Public Investment Bank Bhd said the project is expected to be commercially operational by 2025 and is targeted to produce 100 million litres of fresh milk annually within the first three years, rising to 300 million litres of fresh milk in 10 years.

However, the research firm has maintained its ‘neutral’ call on FGV with an unchanged target price of RM1.61, saying that it remains unclear over the valuation, given the sketchy information on the earnings contribution from the project. -- Bernama