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Note:This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.
January 25, 2024
To whom it may concern:
Company Name FUJI OIL HOLDINGS INC.
Representative Mikio Sakai, President & CEO
(Code:2607 TSE Prime Section)
Contact Us Yoshiharu Okamoto, General
Manager, Corporate
Communication Group
(Tel: +81-6-6459-0701)
Notice of Establishment of Joint Venture Company by Consolidated Subsidiary
On January 25, 2024, FUJI OIL HOLDINGS INC. resolved to establish a joint venture company in Malaysia
with Johor Plantations Group Berhad (Formerly known as Johor Plantations Berhad and Mahamurni
Plantations Sdn Bhd) (Malaysia: hereinafter referred to as "JPG"), a palm cultivation company in Malaysia,
to produce and sell high value-added palm oil products made from sustainable palm oil by FUJI OIL ASIA
PTE. LTD. (Singapore: hereinafter referred to as "FOA"), a consolidated subsidiary of the Company, in
accordance with Article 370 of the Companies Act and Article 26(2) of the Company's Articles of Incorporation
(a written resolution in lieu of a resolution by the Board of Directors).
Although this matter does not fall under the Timely Disclosure Standards, we are voluntarily disclosing this
information in the belief that it is useful information. Some items and details required for timely disclosure
have been omitted from this disclosure.
1. Purpose of establishing the Joint Venture
Fuji Oil Group announced Mid-Term Management Plan, “Reborn 2024”, in May 2022. With the basic policy
of “Strengthening of business foundation - restoring profitability and creating new value”, it was
announced that the Company would concentrate allocation of management resources to growth and strategic
areas and revitalize product portfolio in existing businesses through high value-added solutions.
Palm oil is a key raw material for the Fuji Oil Group, and we consider aiming for sustainable palm oil sourcing
to be our societal responsibility. In March 2016, we formulated and announced our Responsible Palm Oil
Sourcing Policy, and committed ourselves to procuring palm oil produced in a responsible manner from
suppliers who respect people and the global environment.
This joint venture company will secure the procurement of high quality, traceable and sustainable palm oil
from a well-managed plantation owned by JPG in Malaysia. Additionally, it will produce and sell high value-
added palm oil products at a newly built refinery plant in the plantation by utilizing biomass and wastewater
to produce energy. This joint venture is structured to be owned by JPG and Fuji at 51% and 49% respectively,
subject to certain conditions, including the completion of necessary procedures and actions.
The demand for traceable and sustainable palm oil is increasing in the European market, and this demand is
expected to increase in the Japanese market as well. Fuji Oil Group will actively engage in the supply of
traceable and sustainable palm oil to contribute to society by working to solve the world's food and health
challenges.