CCFH corrects Mata's revenue projection

CCFH made the clarification after signing an MOU with Mata Brait (PNG) Ltd.

The Board of Directors of CCFH Ltd. said the revenue projection provided by Mata for the Agro-Forestry Project should be an aggregate of S$1.72 billion for 5 years, instead of an aggregate of S$1.82 billion for 20 years as previously announced.

“The revenue projection has not been independently verified by the Company or any other third party consultant,” said the statement.

CCFH also clarified that the exclusive period of the Memorandum of Understanding should be defined as “a duration of two years, being one year from the execution date of the MOU plus an automatic extension for an additional year in the event that the Definitive Agreement has not been entered by the end of the first year of the date of the MOU”, as opposed to “a period of one year upon execution of the MOU” as previously defined in earlier announcements.