KUALA LUMPUR, June 7 (Bernama) -- CB Industrial Product Holding Bhd (CBIP) is eyeing Central America and Africa as the new market for its Modipalm, a patented palm oil mill technology.

Designed by CB Industrial to reduce fuel and labour cost, the modern mill also contributes to a higher oil extraction rate.

Its managing director Lim Chai Beng said currently the company's technology is well received locally and regionally like Indonesia, Papua New Guinea and Thailand.

"We have also received enquiries from West Africa, Central Africa as well as from Columbia, Mexico and Brazil, all of which offer huge market potential," Lim told reporters after the company's annual general meeting here Wednesday.

He said the company was currently looking into the legal aspects with the interested parties.

The company is banking on Modipalm as its main driver for growth, Lim said, adding that the order book for the modern mills currently stood at around RM260-RM270 million.

He said the company was aiming to reach RM400 million by end of the year.

In order to fulfil the current and future demands, he said the company was also planning to expand its manufacturing plant and expected to spend RM5 million for the expansion.

-- BERNAMA