Niche Capital Emas' development partner receives license for rare earth extraction's chemicals
KUALA LUMPUR: Niche Capital Emas Holdings Bhd’s joint development partner Greensnow Consolidated Bhd has received an interim manufacturing licence from the Investment, Trade and Industry Ministry to manufacture green chemical and bio-based solvents for rare earth extraction in Kuantan.
KUALA LUMPUR - Greensnow Consolidated Bhd, a joint development partner of Niche Capital Emas Holdings Bhd, has obtained an interim manufacturing license from the Investment, Trade and Industry Ministry. The license permits the manufacturing of green chemicals and bio-based solvents for rare earth extraction in Kuantan, announced in a filing with Bursa Malaysia.
Greensnow Biosolution Sdn Bhd, a subsidiary of Greensnow, received the license on August 9. The conditions set by the license stipulate a minimum capital investment of RM140,000 per employee and at least 80% Malaysian workforce. To finalize the full license, Greensnow must submit supporting documents to the Malaysian Investment Development Authority within six months.
This approval aligns with Malaysia's industrial policy objectives, aiming to foster domestic value creation and strengthen rare earth midstream and downstream industries via higher value-added processing and manufacturing activities. Niche Capital's share price remained stable at nine sen on Thursday, with a company valuation of RM157.13 million.
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