joint venture


China offers carrots and stick as US trade tensions simmer

BEIJING, April 18 — China adopted a carrot and stick approach to the US yesterday as the risk of a trade war between the two powerhouse economies continued to simmer. At the same time that Beijing promised foreign car makers such as Ford Motor…

China to relax foreign ownership limits on cars, other industries

BEIJING, April 17 — China announced today a timeline to open up its manufacturing sector including scrapping ownership limits for foreign automakers, shipbuilders and aircraft firms — addressing a contentious issue in its trade dispute with…

Tunku Shazuddin appointed Naza Italia chairman

KUALA LUMPUR, April 17 — Naza Corporation Holdings today announced the appointment of Datuk Tunku Shazuddin Ariff Ibni Sultan Sallehuddin as chairman of its subsidiary Naza Italia Sdn Bhd. Group executive chairman and chief executive officer…

AmProp teams up with UK’s Chelsfield to invest in office properties Shanghai

PETALING JAYA: Amcorp Properties Bhd (AmProp) plans to invest up to RMB107 million (RM66.19 million) to collaborate with Chelsfield Asia Fund 1 Limited Partnership to buy office properties in Shanghai, China, as part of its strategy to diversify its property investment and development portfolio.

The parties, as co-investors, intend to acquire five floors of strata office properties with a total gross floor area of 9,769.43 square metres in Llland Tower in Shanghai.

In a filing with Bursa Malaysia today, AmProp said it has entered into an investment term sheet with Chelsfield, to express their intention to collaborate and set up a joint venture (JV) for the investment.

Chelsfield is a closed-end private investment vehicle established by Chelsfield Asia GP 1 Limited in June 2017, to undertake value add investment opportunities in Hong Kong, Shanghai, Singapore and Tokyo. It is part of London-based real estate investment and asset management firm Chelsfield Group.

AmProp or its designated subsidiary intend to commit capital of up to RMB107 million for a 35% stake in the JV company, which may be provided to the JV company in the form of equity and/or shareholder loans.

The initial tenure of the proposed co-investment is four years from the execution of the co-investment agreement and may be extended for up to two additional one-year periods.

A co-investment agreement is expected to be signed within three months.

AmProp said the proposed co-investment is an impetus to embark on niche developments in high growth international markets such as Shanghai.

This follows the group’s profitable ventures in London and Tokyo. The group would also leverage on the experience and branding of Chelsfield, and expects the venture to contribute positively to its future earnings.

Chelsfield Asia Management Company Limited or its affiliate will be appointed as the manager for the JV company under a separate management agreement.

AmProp’s share price closed unchanged at 67.5 sen yesterday with a total of 179,900 shares traded.

Trump zig-zags on trade jarring but could get results, experts say

WASHINGTON, April 14 — President Donald Trump’s hard line on trade with China has fuelled fears of an economically-damaging trade war, while his swings from threat to praise have generated uncertainty among businesses. But trade experts…

Nexgram to venture into electronic vehicle charging industry

PETALING JAYA: Nexgram Holdings Bhd is partnering with China's Shanghai Zhida New Energy Automobile Public Support Development Co Ltd for distributorship and joint venture in electronic vehicle (EV) charging products and services in Southeast Asia.

Nexgram, which is involved in telecommunication, software, surveillance, real estate, and infrastructure business investment, told Bursa Malaysia that its wholly owned subsidiary Nexgram Industries Sdn Bhd had on April 12 entered into a strategic cooperation framework agreement with the Zhida Group for the collaboration.

As this is a new technology in the Southeast Asia region, the group said both parties agreed that no expiry date will be set for the agreement and Malaysia will be the sole distribution hub.

“Nevertheless, should both parties have derived the agreeable terms and conditions in the signing of the distributorship and joint venture agreement, Nexgram will make the immediate announcement upon execution of the said agreement.”

Nexgram and Zhida Group hold 85% and 15% equity interest in the joint venture company.

The agreement covers the cooperation in localised implementation of technology and resources in new energy automotive industry, such as smart travel hardware and national internet high-tech products, urban EV charging platform, EV master planning and operation.

Zhida Group is the leading EV home charging service provider in China. Its services include EV charger installation, EV charger maintenance and charger development with clients such as Volvo, Nissan and Porsche.

Nexgram's share price closed half a sen or 9.1% higher at 6 sen today, with some 8.5 million shares changing hands.


Stocks in Focus (13-04-2018)

KUALA LUMPUR (April 12): Based on corporate announcements and news flow today, companies in focus on Friday (April 13) may include: Dolphin International Bhd, MMS…

Destini shares up 4.49% on Felcra JV

PETALING JAYA: Destini Bhd's share price continued to rise by two sen or 4.49% this morning, following its joint venture with Felcra Bhd to provide maintenance, repair and overhaul (MRO) services for agriculture industry within Malaysia and the Asean region.

As at 11.03am, the stock stood at 46.5 sen with 1.5 million shares traded. It has a market capitalisation of RM514 million.

The group said the collaboration will serve as a platform for its unit Destini Engineering Technologies Sdn Bhd to provide MRO services in the plantation industry.

This is in line with the group's strategic direction of diversification of its recurring revenue within Destini's core business of MRO services, it added.

Boeing-Embraer deal buoyed as Brazil minister sees ‘marriage’

BRASILIA, April 11 — Boeing Co and Embraer SA are getting closer to a deal, Brazil’s new defence chief said, as talks advance to forge the second global alliance between major airplane manufacturers in six months. Negotiators are deep into…

Destini, Felcra in joint venture to provide MRO services

PETALING JAYA: Destini Bhd and Felcra Bhd today inked a memorandum of understanding (MoU) to provide, among others, maintenance, repair and overhaul (MRO) services for industrial facilities and equipment for the agriculture and related industries within Malaysia and the Asean region.

Destini said the MoU will serve as a platform for Destini Engineering Technologies Sdn Bhd (DETSB) to provide MRO services in the plantation industry, which is in line with its strategic direction of diversification of its recurring revenue within Destini’s core business of MRO services.

The MoU signed by Destini’s wholly owned subsidiary, DESTB and Felcra’s wholly owned subsidiary, Felcra Processing & Engineering Sdn Bhd, will see a joint-venture company (JVco) set up within three months from the MoU’s date.

The JVco will provide MRO services to Felcra’s oil palm factories, commercial and residential properties. It will be a “under one roof” service concept covering mechanical and electrical, electronics and civil works.

Both parties have also agreed to provide training for the services provided by Destini to Felcra College students and/or participants and to offer employment opportunities to them.

Destini’s president and CEO Datuk Rozabil Abdul Rahman said: “The group’s partnership with Felcra will enable Destini to adopt the MRO best practices that we have developed within the aviation, marine, land systems and O&G industries to the agriculture industry. We believe this transfer of technology will enhance further the productivity of Felcra and Malaysia’s agriculture industry as a whole.”

Felcra CEO Datuk Zukarnain Md Eusope said that with the collaboration, Felcra is able to tap on Destini’s expertise and experience in MRO.

On Bursa Malaysia today, Destini was up 3 sen to close at 44.5 sen on volume of 1.53 million shares.