Dubai Group buys 30% stake in Malaysia's GBDI

09 April 2008 09:18  [Source: ICIS news]

SINGAPORE (ICIS news)--Dubai Group, a financial services company of Dubai Holding, has paid $49.5m for a 30% stake in Malaysia’s GBD Investment Ltd (GBDI), the Middle Eastern company said in a statement on Wednesday.

The move would fund the expansion of GBDI’s Lahad Datu facility in Sabah, eastern Malaysia, which is the largest biodiesel plant in southeast Asia and would also allow the Dubai Group to tap into the growing demand for biofuels, it added.

“Biofuels and renewable energy are preferred industry focus for Dubai Investment Group, and we intend to bring this technology to the geographic regions, specially the Middle East,” Dubai Investment Group chief executive, Abdulhakeem Kamkar said.

The Lahad Datu biodiesel plant has a production capacity of 200,000 tonnes/year, which would increase to 500,000 tonnes/year after the expansion.

It can produce biodiesel and pharma-grade glycerine as per European Union and American standards and GBDI had already signed off-take agreements for all of its production, the statement said.

GBDI also planned to use the funds to invest in jatropha plantations in the Philippines, it added.  

By: Ng Hun Wei
+65 6780 4359

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