The Board of Directors ("Board") of Bright Packaging Industry Berhad announced that the Company had on 19 August 2021 entered into a Joint Venture Agreement ("JVA") with Datai Plantations Sdn. Bhd. ("DPSB") to form an unincorporated joint venture for the purpose of developing an oil palm plantation together with facilities and the provision of services ancillary to such plantation on parcels of land located in Sarikei, Sarawak ("Project"), the details of which are more specifically set out in item 3 below ("Joint Venture"). The Project refers to the development of an oil palm plantation together with facilities and the provision of services ancillary to such plantation including palm oil mills on parcels of land situated in Loba Bunut, Bintangor, Sarikei Division, measuring approximately 1,921 hectares, with a total plantable area for the purpose of oil palm cultivation estimated at 1,152.6 hectares undertaken by DPBSB, a 60% owned company of DPSB. The Joint Venture will be funded entirely from internally generated funds or bank borrowings.