KOTA KINABALU: Yayasan Sabah Group and Syarikat Sebangun Sdn Bhd, a subsidiary of KTS Group, have inked a memorandum of understanding (MOU) for a joint venture project in silica sand mining.
For the purpose of the joint venture, Yayasan Sabah has formed a subsidiary company, YSG Silica Sdn Bhd, which the Group holds 60 per cent share while Syarikat Sebangun has 40 per cent stake.
The silica sand mining covers an area of 2,418 hectares with an agreed tenure of 25 years.
The MOU was signed by Yayasan Sabah director Datuk Jamalul Kiram Datuk Mohd Zakaria and KTS Holding Sdn Bhd managing director Dato Henry Lau, and witnessed by Yayasan Sabah senior management team and KTS Holding director Kenny Law.
The operation shall commence with exploration for silica sand.
Syarikat Sebangun has 35 years of experience in silica sand mining in Bintulu and Marudi, Sarawak.