KNT (HKG:1025) unit Ever Grand entered into a non-legally binding memorandum of understanding with Fine Vast to collaborate in the development of the petrochemical business in China, a May 2 Hong Kong bourse filing said.

Under the MoU, the parties will focus on the industrial operations of gas production, gas processing, liquefied gas processing, gas gathering services, and related businesses.

The MoU is effective for one year and the parties may enter into a formal, legally binding agreement in due course, according to the garment manufacturer and retailer.