ML Global signs MoU with Sany Construction for IBS precast products manufacturing
PETALING JAYA: ML Global Bhd has signed a memorandum of understanding with Sany Construction Industry Development (M) Sdn Bhd to work together to manufacture Industrial Building System (IBS) precast products for building projects.
The company’s shares closed one sen higher to RM1.16 at the end of the morning trading session, with some 170,600 shares changing hands.
The move by construction company ML Global is expected to help it improve its competitiveness in the construction industry.
Sany is a locally incorporated company of Chinese group Sany Group Co. Ltd. It is involved in designing architectural precast concrete,
experience in precast concrete manufacturing process and installation procedures in construction of buildings in developments.
The MoU is valid for six months, in which time ML Global plans to take up a 51% stake in the joint venture and Sany Construction the rest. The joint venture company is to have a paid up capital of RM4 million.
Source: The Sun Daily