| Danial Norjidi |
PDS Abattoir Sdn Bhd, Brunei’s leading live cattle abattoir, recently signed a landmark agreement to partner with Darussalam Assets Sdn Bhd.
The agreement was signed on November 23, and through this transaction, Darussalam Assets will acquire a 40 per cent stake in PDS, with the remainder of shares to be held equally by the Company’s original founders, PM Dato Haji Shariffuddin bin Pengiran Haji Othman and Lee Kheng Hua.
Darussalam Assets announced the signing of the agreement in a press release yesterday.
Commenting on the transaction, PM Dato Haji Shariffuddin, who will remain Executive Chairman, said, “I am very proud and excited to work in partnership with Darussalam Assets.”
“Together, we aim to provide our local customers with the highest quality fresh beef products at affordable prices, as well as to expand exports for processed halal beef products. I am convinced that working in close partnership with Darussalam Assets, PDS will have a bright and profitable future.”
Signing the agreement on behalf of Darussalam Assets was Deputy Chairman and CEO, Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, Deputy Minister of Finance.
The exchange of the signed agreement between Dato Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, Deputy Minister of Finance, DeputyChairman and CEO of Darussalam Assets Sdn Bhd (L), and PM Dato Haji Shariffuddin bin Pengiran Haji Metali, Executive Chairman of PDS Abattoir Sdn Bhd (R), witnessed by Lee Kheng Hua, Executive Director of PDS Abattoir Sdn Bhd (Centre). – DARUSSLAM ASSETS
“This transaction is the first of many examples to come of how Darussalam Assets is working to leverage its resources and expertise to benefit Brunei companies, consumers and the economy as a whole,” he said.
“As part of this transaction, PDS plans to commission the design and construction of a 45-hectare integrated feedlot in Brunei.
“The addition of a feedlot will enable PDS to not only reduce its supply chain costs but also increase the quality of fresh beef products direct to Brunei consumers at more competitive prices.
“In addition, by securing higher quality materials at more competitive prices, PDS will be in an excellent position to increase its share of beef product to markets in Southeast Asia,” he added.
The press release said that, with the completion of the transaction, the new board of PDS will confirm the feasibility of the feedlot project, which is expected to come on line in early 2018.
It was shared that there is the potential for cattle to be sourced for the PDS feedlot from Opium Creek station, a property owned and managed by Darussalam Assets in Darwin, Australia, which will further enhance quality control and value creation for Brunei.
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