By Further to previous announcements made by the Board of BPH Global Ltd (ASX: BP8) (Company) regarding the Company’s strategic review of its seaweed operations and the expansion of its R&D operations to include the extraction of minerals and gases for use in the battery and energy industries, the Board is pleased to announce that the Company has entered into a binding term sheet to acquire Indonesian-based seaweed assets and for the joint development of an Indonesian- based seaweed business.
Highlights
Establishment of Indonesian-based, seaweed focused businessBP8 to incorporate 100% owned subsidiary in IndonesiaJoint venture partners to contribute assets to the ventureFocus on commercialisation opportunities based on sales of raw seaweed and seaweed-based and infused productsParticular focus on development of seaweed-based bio stimulant products for sale into the Indian marketAUD100,000 placement by a venture partner to support development of the business
Term Sheet
On 22 September 2024, the Company entered into a legally binding term sheet (Term Sheet) with Singapore and Indonesian-based joint venture partners Messrs Rajiv Ramnarayan and Deepak Jha and PT Mitra Agro Global an Indonesian company (together the JV Partners) for the acquisition by the Company of Indonesian-based assets owned by the JV Partners (Assets) and the incorporation by the Company of a wholly owned Indonesian subsidiary (BP8 Indonesia). The JV Partners have undertaken preliminary activities in developing seaweed sourcing in Indonesia and identifying potential sales channels for the seaweed supply and are undertaking preliminary R&D into a seaweed bio-stimulant project.
The bio-stimulant project is targeting development of an agricultural-based product which is an additive to crops used in the production of food products. The bio-stimulant seeks to increase nutrient availability and uptake in those food sources so as to optimise Traditional Chinese Medicine outcomes. The JV Partners have developed a relationship with an Indian-based holder of intellectual property relating to bio-stimulant technology (Bio-stimulant IP} and will assist the Company in its endeavours to obtain a licence to use that intellectual property.
BP8 considers that it can combine its own seaweed sector intellectual property and resources with the JV Partners’ activities and the Assets to develop a joint venture project in Indonesia focused on:
seaweed cultivation, sourcing and sales, andR&D into a seaweed bio-stimulant project and its commercialisation.
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