PETALING JAYA: Nextgreen IOI Pulp Sdn Bhd (NIP), a joint venture between Nextgreen Global Bhd (NGGB) and IOI Corp Bhd, has inked a memorandum of understanding (MoU) with China’s Xiamen C&D Paper & Pulp Group Co Ltd (Xiamen C&D) for the proposed development and operation of a green and sustainable paper pulp production facility.

       In a statement, NGGB says under the MoU, NIP and Xiamen C&D will establish a joint venture company, with equity interests of 75% and 25% respectively. NIP inturn is 55% owned by NGGB and 45% by IOI.