16/05/2014 (NST) - Fitters Diversified Bhd shares on Bursa Malaysia reacted positively after its unit entered into a memorandum of understanding (MoU) with POIC Trading Sdn Bhd yesterday.

As at 10.43am, the counter, which saw 2.56 million shares transacted, rose one sen to RM1.01, after opening flat at RM1.00 this morning.

The agreement was signed between Fitters' wholly-owned subsidiary, Future NRG Sdn Bhd, with POIC, with the objective of exploring opportunities in Sabah to treat and convert palm oil waste into resources and energy.

In a filing to Bursa Malaysia Wednesday, Fitters said the purpose of the MoU was to develop opportunities relating to the treatment and conversion of palm oil wastes into resources and energy with the establishment of an integrated palm bio mass centre.

Under the MoU, the Sabah state government through POIC would jointly work with Future NRG to set up satellite palm biomass processing centres that would collect and treat palm oil waste such as empty fruit bunches from clusters of neighbouring palm oil mills, Fitters said in a statement.-- Bernama