Wednesday, January 4, 2012

Priceworth unit apptd logging contractor in Solomon Islands

KUALA LUMPUR (Jan 4): Priceworth International Bhd's unit has been appointed a contractor to carry out logging on Kolombangara Island, in the western province of Solomon Islands.

Priceworth said on Wednesday, its unit, Ligreen (SI) Ltd had sealed a logging management and TECHNOLOGY [] agreement with Success Company Ltd to undertake the logging at a concession site measuring 1,053 ha.

'The licensee and contractor shall jointly market the logs harvested from the concession area. In consideration of the logging activities to be carried out by the contractor, the contractor'' shall receive 55% of the declared sales contract from the licensee,' it said.

Priceworth said the upside from the contract was that the group would have access additional source of logs for the group's business involving the manufacturing and sale of timber products and logs.

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