Golden Agri-Resources (E5H.SG) off 0.9% at $0.575 on modest volume, tracking sluggish broad market performance, with investors paying little heed to plantation group’s partnership with Liberian government to undertake palm oil project in west African nation, says Dow Jones.

Through its investment in Verdant Fund, Golden Agri will team up with government to cultivate palm oil, creating more than 35,000 jobs in Liberia.

Besides Golden Agri, Verdant will also seek funds from other investors to meet targeted US$1.6 billion ($2.2 billion) investment amount.

“This investment is unlikely to contribute to the group’s earnings in the immediate term as these are greenfield projects. Overall, we are neutral on this news,” says CIMB, which has Trading Buy call with $0.62 target.

Support at 10-day moving average, last at $0.56.