Brunei firm taps SL Agritech for rice, food security

MANILA, Philippines - The Mashhor Group of Companies has tapped SL Agritech to help the oil-rich sultanate reduce its import dependency on rice and improve its food security.

 In an interview with reporters over the weekend, SL Agritech chairman and CEO Henry Lim revealed that the Mashhor Group wants to develop their own hybrid rice production and reduce their 97 percent dependency on imported rice.

Lim said Brunei wants to produce its own hybrid rice and is allocating up to 20,000 hectares to produce its own food staple.

He added that SL Agritech could help them in their food security program even though the sultanate’s population is less than half a million.

The Mashhor Group, established in 1972, has investments in transportation, oil and gas, engineering, construction, fabrication, information technology and waste management.

According to Lim, the Masshor Group is now also investing in agribusiness.

Meanwhile, he said SL Agritech is eyeing either the fourth quarter of this year, or the first quarter of next year to undertake its planned initial public offering.

Lim admitted that SL Agritech is optimistic of a better financial performance for its fiscal year ending May this year compared to last year to show before it takes on its IPO.

Lim was also heartened by the DA’s decision to open up to hybrid rice.

He said farmers may now avail of a P400-million loan assistance program from the Land Bank of the Philippines that will allow rice growers to loan as much as P42,000 per hectare for those who opt to grow hybrid rice, and up to P37,000 for those who opt to grow certified rice.

Agriculture Secretary Proceso J. Alcala clarified that the DA has always left the choice of either using certified or hybrid seeds to the farmers.