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SIGNING OF JOINT VENTURE AGREEMENT BETWEEN MALAYAN FLOUR MILLS BERHAD, TOYOTA TSUSHO CORPORATION AND TOYOTA TSUSHO (SINGAPORE) PTE. LTD.

 

KUALA LUMPUR
29 January 2010

Malayan Flour Mills Berhad (“MFM”), today signed a Joint Venture Agreement (“JV Agreement”) with Toyota Tsusho Corporation (“TTC”) and Toyota Tsusho (Singapore) Pte Ltd (“TTSPL”), to establish a joint-venture company named Premier Grain Sdn Bhd for the purpose of carrying out the trading of raw materials for animal feeds. 

Guest-of-Honour for the event, Yang Berhormat Dato’ Jacob Dungau Sagan, Deputy Minister (Industry) – Ministry of   International Trade and Industry, launched the corporate logo of Premier Grain Sdn. Bhd and witnessed the signing of the JV Agreement by Managing Director of Malayan Flour Mills Berhad (MFM), Mr Teh Wee Chye; Managing Director of Toyota Tsusho Corporation (TTC), Mr Makoto Hyodo and Managing Director of Toyota Tsusho (Singapore) Pte Ltd Mr Koji Ikami. Datuk Seri Jamil Bidin, CEO of Halal Industry Development Corporation (HDC) was also present to witness this momentous event.

The JV Agreement was the result of numerous successful business dealings between MFM and TTC group. The relationship between MFM and TTC started after the successful merger of TTC with Tomen Corporation in 2006. Tomen Corporation, a listed Japanese trading company, had a long-standing relationship with MFM since 1976. The idea of the joint venture was mooted in 2008 as both parties envisaged that a strategic joint venture will have a synergistic effect on the trading business in Malaysia. By September 2009, both parties had decided to move forward on the joint venture culminating in the signing of the JV Agreement on 29 January 2010.

The Joint Venture is expected to benefit from the established relationship that MFM has developed with its customers over the years and TTC’s global supply network, given the strength of the Toyota Group.

The Joint Venture is also in line with the expansion plan of MFM to leverage on the potential demand and growth in the food business arising from the growth of the world population. The Joint Venture will enable the Group to achieve its key success factor, which is to grow further in economy of scale as well as enhancing the efficiency of its business.
 


ABOUT MALAYAN FLOUR MILLS BERHAD

Malayan Flour Mills Berhad (“MFM”), a public listed company incorporated in 1961, is a pioneer in the flour industry in Malaysia.  Its first flour mill in Lumut, Perak was established in October 1966. Since then, the Company has grown with flour mill operations in Pasir Gudang, Johor in 1992, Hanoi in 1998 and Ho Chi Minh City in 2003.

MFM has also diversified its business from flour milling to include the manufacture and sale of animal feeds, sale of raw materials and integrated poultry business. Its integrated poultry business includes the breeding and sale of day-old chicks, broiler farming, processing and sale of poultry products.
 

 


ABOUT TOYOTA TSUSHO CORPORATION

Toyota Tsusho Corporation (“TTC”) is a diversified trading company incorporated in Japan since 1948 and a member of the Toyota Motor Group. It is one of the largest trading companies in Japan.

TTC is listed on the Tokyo and Nagoya Stock Exchanges and has a world-wide presence through its many subsidiaries and operating divisions. TTC’s business is very diverse, spanning the industrial, commercial and consumer sectors including industrial raw materials, agriculture, and high-technology businesses. 
 

 


ABOUT TOYOTA TSUSHO (SINGAPORE) PTE. LTD.

Toyota Tsusho (Singapore) Pte. Ltd. is a worldwide trading company established in Singapore since 1975 and is continuously developing and evolving over the years in many business sectors and areas that have extended to the global market. It is a wholly-owned subsidiary of TTC.

TTSPL’s core businesses are in Automotive Distribution, Parts and After-sales Marketing, Automotive Parts, Metal and Non-Ferrous Metal, IT and Electronics, Chemical, Plastic, Food & Produce.

From its core business in the automotive sector, it has further harnessed its experiences from IT to logistics, and financial functions that have promoted a competitive transaction module for the supply of raw materials to end products.

Its practice of global marketing has been largely linked to Toyota Tsusho Group’s international network of 400 or more subsidiaries and affiliated companies.
 


Contact Person

For further information about Premier Grain Sdn Bhd, Malaysia, please contact Mr. Hideki Oya, Director of Procurement & Sales, Tel: (603) 2170 0999 or email : ohya@premiergrain.com.my