13 March 2002 (Business Times) - INDEXgain Sdn Bhd, an authorisedprocurator of a specialised international project funding loan syndicationhouse, is eyeing lucrative palm oil plantation projects in Congo andVenezuela, with a total development cost of US$1.2 billion (US$1 =RM3.80).INDEXgain executive director Jumahat Subaree said the company isfinalising negotiations with several companies to venture into the palmoil industry in these two countries.“We hope to conclude negotiations by the middle of the year,” he said inan interview with Business Times.INDEXgain is currently concentrating on sealing a deal to develop some10,000ha of oil palm plantation in Talakag province in Mindanao in thePhilippines, with a development cost of US$60 million.The company had signed a memorandum of understanding (MOU) with thePhilippines’ Novagreen Industries last year to jointly develop theplantation.Apart from Novagreen, the company also signed MOUs with five othercompanies to develop oil palm plantations in Mindanao, with a totaldevelopment cost of US$234 million.Of the two plantation projects eyed by INDEXgain, Jumahat said theinvestment in Congo is considered huge, with a development cost of US$933million.“The project costs a lot because the land is expensive in Congo. However,the loan requirement for the project is minimal,” he said, adding thatINDEXgain is working with a local company to develop the plantation.In Venezuela, the company is working with a Sarawak company registered inVenezuela to develop the oil palm plantations, with a total developmentcost of US$260 million.“We signed a MOU with the respective parties on May 29 last year. We arearranging a US$200,000 facility loan for the project in Venezuela,”Jumahat said.INDEXgain was formed just a year ago by five professionals andbusinessmen, who jointly took over the company. They are the chairman DrUzir Malik, managing director Kamisan Suja and executive directors Lt Kol(rtd) Tan Ba Too, Nasharudin M. Johar and Jumahat.The company’s associates include Professor Dr Jalani Sukaimi of theMalaysian Palm Oil Board, Ramli Abdul Majid of Technopalm Runding Sdn Bhd,Adnan Ramly of Inovis International Pte Ltd (Singapore), Datuk G.Ramakrishnan of Konsultant Process Sdn Bhd, A. Aziz Darmawi of AzizDarmawi Architect, Khairil Anwar Halim of KAC Architect, Faudziah Shukorof Fasa Engineering Services, Md Noor Haron of Jurukur Bahan Majubina andNik Ahmad Ryad Nik Mohd of Ryad Hassan & Associates.Its legal advisers are Mohd Idris Habib of Mohd Idris & Associates andManian K. Marappan of Marian K. Marappan.INDEXgain provides financial consultation services such as projectfunding, refinancing and acquisition finance.It serves as an exclusive finance consultant to an authorised free andindependent agent of a specialised international project funding loansyndication house registered in Vaduz, Liechtenstein., which forms part of Switzerland’s leading international banking andfinancial centre.Jumahat said that INDEXgain, being close associates with overseasfinancial institutions, will not face problems in getting funds forprojects as long as they are viable.“Thus, we really have to do a comprehensive due diligence to ensure thatfunds from our principal will not go to waste,” he said.On its venture in Mindanao, Jumahat said INDEXgain plans to turn thesouthern Philippine province into an investment haven for Malaysianbusinessmen.“We hope that our presence there will pave the way for other Malaysians tofollow. We are not merely there for our own sake but want others tofollow, which is why we plan to build a township so that others can alsosee the potential of investing in Mindanao,” he said.He added that INDEXgain will manage the plantation but will hand over thecompany to the Filipinos when the time is right.On security in Mindanao, Jumahat said the areas in which the company isinterested in investing are safe from possible rebel attacks.“Our proposed investment areas are located far from all the fighting inMindanao. We are not located in the Autonomous Region in Muslim Mindanaowhere the fightings are centred,” he said.