20/08/2012 (What's on Xiamen) - IOI Group, the second largest palm oil producer and one of top 3 developers in Malaysia by market capitalization, made palm oil processing plans in Xiamen on Aug 14.

Yu Weiguo, secretary of Xiamen CPC Party and Li Shenjing, chairman of IOI Group, attended the signing ceremony. According to the agreement, IOI will invest 710 million USD in palm oil processing. A comprehensive headquarter with R&D, logistics and sales is expected to be set up as the center of IOI’s expansion base across northeast Asia.

IOI is one of Malaysia's biggest conglomerates that started off in industrial gas manufacturing. It ventured into property development in 1982, followed by oil palm plantations in 1985. As of June 2009, IOI Group employs more than 30,000 personnel of more than 23 different nationalities in 15 countries.