KIB, AKKPLY Set Up JVC To Produce Bamboo Products, Furniture

KUALA LUMPUR, Nov 18 (Bernama) -- Kanger International Bhd (KIB) and Bangladesh-based bamboo manufacturer, A K Khan Plywood Co Ltd (AKKPLY), have set up a joint-venture company (JVC), A K Kanger Pte Ltd, to produce bamboo products and furniture in Bangladesh. KIB Executive Director, Syed Hazrain Jamalullail, said the JVC would also explore the possibility of setting up a bamboo plantation in Bangladesh within three years and market bamboo products through KIB's and AKKPLY's global networks. "A K Kanger will begin operations at the end of first quarter of 2017 after both parties have concluded negotiations. "The JVC will enhance KIB's growth prospects in the bamboo product and furniture markets worldwide and enable us to create further awareness on the environmentally-friendly product," he told reporters after the signing of a memorandum of understanding (MOU) between KIB and AKKPLY to set up the JVC here Friday. Syed Hazrin said with the MOU, KIB expected higher growth following the huge demand coming from China, US and Canada. "At the moment, our export market stands at 60 per cent of total turnover of US$9.05 million (RM40 million) and we hope this collaboration will boost our sales growth," he said. Meanwhile, AKKPLY Chief Coordination Officer, Sherfehnaz Shama Khan, said AKKPLY, a pioneer in the plywood products industry in Bangladesh, controlled the plywood segment. AKKPLY, an unit of A K Khan Co, currently has a turnover of US$260 million (US$1 = RM4.39) in Bangladesh. "Since there is rapid growth in the furniture industry in Bangladesh in the last few years, we hope this collaboration will cater to the demand," she said. -- BERNAMA