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Holista Coltech (ASX:HCT) - CEO Rajendran Marnickavasagar
CEO Rajendran Marnickavasagar
Source: Holista Coltech
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  • Holista Colltech’s (HCT) subsidiary signs a non-binding collaboration term sheet with Country Farms
  • Owned by Malaysian conglomerate Berjaya Corporation Berhad, Country Farms operates several franchises of international brands in Malaysia including Starbucks and 7-Eleven
  • The term-sheet is for Holista’s low-GI pre-mix for flour products, sugar reduction technology, plant-based meat products and dietary supplements
  • A formal agreement is expected to be completed by the March quarter of 2022
  • Holista closed down 1.67 per cent with shares at 5.9 cents each

Holista Colltech’s (HCT) subsidiary, Holista Biotech, has signed a non-binding collaboration term sheet with Country Farms.

Owned by Malaysian conglomerate Berjaya Corporation Berhad, Country Farms operates several franchises of international brands in Malaysia including Starbucks and 7-Eleven.

The term sheet is for the sales and marketing of Holista’s low glycaemic index (low-GI) pre-mix for flour products, sugar reduction technology, plant-based meat products and dietary supplements.

Further, it is not a purchase agreement and does not require Berjaya to purchase Holista’s products.

While these products are commercially available, Holista will have to customise the ingredients to meet the needs of Country Farms and Berjaya.

As a result, the term sheet will be formalised only when both companies reach an agreement that they have a suite of products that are commercially viable, market-ready, affordable and accessible via relevant channels.

Holista has already begun work to develop a range of low-GI baked goods such as croissants, white sandwich rolls and ciabatta for Starbucks stores in Malaysia.

A formal agreement is expected to be completed by the March quarter of 2022.

Holista closed down 1.67 per cent with shares at 5.9 cents each.

HCT by the numbers
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