|Company to form partnership using existing subsidiary to explore opportunities, new projects and profit-sharing|
KUALA LUMPUR, Feb 7, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company had on 6 February 2023 signed a Memorandum of Understanding (MoU) with Bintai Kinden Corporation Berhad to establish a strategic alliance for exploring of business opportunities, securing of new projects and sharing of profits.
|Group Managing Director of SCIB, Encik Rosland bin Othman|
|Executive Director of SCIB, Mr. Ku Chong Hong|
|Executive Director of Bintai Kinden, En. Azri Azerai|
The MoU is a preliminary step the parties are taking as they explore a working relationship and cooperation to combine skills, expertise, capabilities, experience and collectively bid for projects in Malaysia and to set out the principal terms of the arrangement between the parties.
The JV vehicle to be used is SCIB's wholly-owned subsidiary, SCIB Infraworks Sdn. Bhd in which SCIB will retain a 51% stake in the JV while Bintai Kinden will subscribe to the remaining 49%. Bintai Kinden is a mechanical and electrical ("M&E") engineering services specialist listed on the Main Market of Bursa Malaysia, with unique combination of extensive regional experience and local knowledge.
Group Managing Director of SCIB, Encik Rosland bin Othman said, "We welcome this strategic alliance with Bintai Kinden as both parties can leverage each other's strengths and expertise that add value to any projects we are involved in together. SCIB's manufacturing arm, the leading precast concrete and Industrialised Building System products manufacturer in East Malaysia, is already supporting our construction arm in projects throughout the country."
"Our focus on small-to-mid-sized construction healthcare, educational and utility facilities as well as rural infrastructure projects together with investment in technology such as 3D printing and automation are also strengths that we can leverage on for the future JV projects."
Executive Director of SCIB, Mr. Ku Chong Hong said, "This JV brings together two teams with core expertise and knowledge in construction and engineering that will give an edge to projects undertaken together. We expect to see more infrastructure projects in the pipeline as Malaysia's construction sector gains momentum on the back of economic growth."
Executive Director of Bintai Kinden, En. Azri Azerai said, "We look forward to a fruitful partnership with SCIB as we seek opportunities together across the country. Bintai Kinden's core expertise is M&E services, and as a multi-disciplined building and industrial service engineers and specialists, we work in all the major market sectors, from commercial buildings to industrial complexes. We design, install and commission systems that include the full range of engineering services which we believe can complement the JV."
Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/
Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my
Topic: Joint Venture
Source: Bintai Kinden Corporation Bhd / Sarawak Consolidated Industries Bhd
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
From the Asia Corporate News Network
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