joint venture


PCSB-MGB inks agreement with Selangor govt to develop affordable housing

SHAH ALAM: PCSB-MGB Consortium, a consortium of PNSB Construction Sdn Bhd and MGB Bhd, has signed a development right agreement with the Selangor government to build 1,800 units of affordable homes at the price of RM250,000 per unit for the Idaman Cahaya development in Encorp Cahaya Alam.

The consortium is collaborating with Must Ehsan Development Sdn Bhd, a joint venture between Encorp Bhd and the Selangor State Development Corp (PKNS).

Selangor Mentri Besar Amirudin Shari (pix), who witnessed the signing ceremony, said the Idaman Cahaya development is part of the state government’s pledge to build 30,000 affordable homes by 2025 in Selangor.

The proposed 1,800 housing units will be built over 16.56-acre land with an estimated gross development value of RM450 million.

Following the signing of the agreement, the property project is expected to be launched within the next three years.

UBS loses role in bond deal for Chinese firm on outcry over pig comment

BEIJING, June 17 — UBS has lost a lead role on a US dollar bond deal for state-backed China Railway Construction Corp, just days after a Chinese outcry over a senior UBS economist’s use of “pig” in connection with Chinese food price…

Ecoworld shares up on new JV with PowerChina

KUALA LUMPUR, June 17 — Shares of Eco World Development rose slightly following the property developer’s joint venture announcement with Fortune’s Global 500 companies, PowerChina Group, to jointly bid for infrastructure projects in…

Chinese state media urges retribution after UBS economist’s ‘insult’

BEIJING, June 15 — Those who insult Chinese people should pay the price in order to deter would-be offenders from following suit, Chinese state media said in a sharply worded commentary, after remarks by a UBS economist about pigs sparked an…

EcoWorld Malaysia partners PowerChina Group for development, infra projects

PETALING JAYA: Eco World Development Group Bhd (EcoWorld Malaysia) has announced its collaboration with PowerChina Group for property development and infrastructure projects in Malaysia.

The two parties have inked a conditional joint venture to develop 117.35 acres of industrial land to be known as Eco Business Park V Phase 2 in Shah Alam through EcoWorld’s subsidiary Paragon Pinnacle Sdn Bhd and a Malaysian incorporated subsidiary of the PowerChina Group.

The proposed conditional joint-venture will entail the formation of a joint venture company Eco World PowerChina Business Park Sdn Bhd that will purchase the industrial land from Paragon Pinnacle Sdn Bhd for RM240.2 million.

It will then jointly develop the 117.35 acres as Eco Business Park V Phase 2, an industrial project involving the development of medium to large individual industrial lots for light industries. Eco Business Park V Phase 2 is expected to have a gross development value (GDV) of RM850 million.

The JV company will be 60% owned by PowerChina via its Malaysian incorporated subsidiary and 40% owned by Paragon Pinnacle.

In addition, EcoWorld Malaysia has also signed a Memorandum or Understanding with PowerChina Group’s infrastructure arm to jointly bid for infrastructure projects in Malaysia.

EcoWorld chairman Tan Sri Liew Kee Sin said apart from its reputation as a globally renowned construction company, PowerChina also has an extensive network of clients who may be interested in investing in industrial real estate projects in Malaysia.

“This bodes well for our aims to make Eco Business Park V not only one of the best industrial parks in the country but also a key job centre offering quality employment opportunities for the people of Selangor. We are also gratified that the PowerChina Group has chosen to work with EcoWorld in their first industrial real estate venture in Malaysia and to bid for potential infrastructure projects in Malaysia,” Liew said in a statement.

With a total GDV of RM3.7 billion, Eco Busines Park V is planned to be the largest single-project development powered by industrial facilities and intelligent, environmentally-friendly features designed to help businesses save on energy and resources while reducing the park’s overall carbon footprint.

KNM awarded contracts worth RM27.71m

PETALING JAYA: KNM Group Bhd has been awarded two contracts with an estimated value of RM27.71 million via its indirect wholly-owned subsidiaries FBM Hudson Italiana S.p.A (FBM) in Italy and FBM-KNM FZCO (FZCO) United Arab Emirates.

According to the group’s Bursa filing today, its Italian subsidiary FBM has accepted a design and supply contract from Dangote Oil Refining Co Ltd and Dangote Petroleum Refinery & Petrochemicals Free Zone Ent for US$4.55 million (RM18.97 million).

The contract is for the design, fabrication and supply of air cooler heat exchangers in respect of the Petroleum Refinery And Polypropylene Plant in Lekki Free Trade Zone, Nigeria with a 12 months supply and delivery duration from the date of the acceptance of the contract.

Meanwhile, its operations in the UAE, FZCO has received a purchase order from Basrah Gas Co for the supply and delivery of replacement heat exchangers to Khor Al Zubair’s gas processing plant in Iraq’s Basrah province for US$2.096 million (RM8.74 million). The supply and delivery duration is for a period no later than Jan 14, 2020.

Both FBM and FZCO are principally involved in the design, engineering, procurement and manufacturing of process equipment, including without limitation pressure vessels, reactors, columns and towers, drums, heat exchangers, air finned coolers, process gas waste heat boilers and specialised shell and tube heat exchangers, condensers, spheres, process tanks, mounded bullets, process skid packages and turnkey storage facilities as well as technical and project management services in relation to process equipment, plant facilities and general facilities for the oil, gas, petrochemicals, minerals processing and renewable energy industries worldwide.

Dangote is Nigeria’s most diversified business conglomerates, a multi-billion Naira company operating in sectors encompassing agriculture, petroleum refinery & petrochemicals, fertilizer, cement and telecom in Nigeria and across the African continent.

Basrah is a public/private joint venture in Iraq, majority owned by the state-owned South Gas Company together with Shell and Mitsubishi and was setup to manage and operate Basrah Province’s abundant endowment of natural gas.

The contract is expected to contribute positively to KNM’s earning for the financial year ending Dec 31, 2019 and Dec 31, 2020.

Sources: Haitong Intl Securities cuts business with UBS after comment on Chinese pigs

SHANGHAI, June 14 — Haitong International Securities Group Ltd has cut ties with UBS Group AG, two people at Haitong told Reuters today, following a comment about Chinese pigs by the Swiss bank’s global chief economist that was perceived by some…

UBS global chief economist grilled in China for comment on pigs

BEIJING, June 13 — A flippant reference to pigs in an inflation analysis by UBS Group AG’s global chief economist has caused a furore in China, with some in the financial community rejecting UBS’s apology and calling for a boycott. Paul…

Swedish start-up secures funds for battery ‘gigafactory’

STOCKHOLM, June 12 — Swedish start-up Northvolt today announced it had secured funding, in large part from Volkswagen, for Europe’s biggest car battery factory, set to rival electric carmaker Tesla’s US “Gigafactory”. The battery producer…

Proton Edar partners Altel Comm, China’s Ecarx Technology

PETALING JAYA: DRB-Hicom Bhd’s unit Proton Edar Sdn Bhd is forming a joint venture (JV) company with Altel Communications Sdn Bhd and Ecarx (Hubei) Technology Co Ltd.

In a filing with Bursa Malaysia, DRB-Hicom said the JV company will provide research and development, sales and services of vehicle connectivity, digital cockpit, safety, autonomous vehicle and IoT technology related products.

According to DRB-Hicom, the proposed JV would benefit the Proton Holdings Bhd group in gaining the technological know-how in high digital technology product and services in relation to the automotive industry.

“It also creates opportunity for the Proton Holdings group to establish a car connectivity research and development centre in Malaysia for future products enhancement to suit local and regional ecosystem, and also for export countries with better and higher standard of services,” it said.

Proton Edar is a wholly owned subsidiary of Proton Marketing Sdn Bhd, which in turn is a wholly-owned subsidiary of Proton Holdings. Proton Holdings is a 50.1%-owned subsidiary of DRB-Hicom.

Under the JV agreement, Proton Edar will hold a majority stake of 60% while Altel and Ecarx will hold 30% and 10% respectively, with a total capital contribution of RM6 million from the three parties.

Proton Edar has proposed to fund its capital contribution of RM3.6 million in the JV company from its internally generated funds.

Incorporated in Hubei, China, Ecarx is involved in intelligent automobile and network connection, digital cockpit electronic products, active safety electronic products, unmanned sensors and controllers, as well as the operation services of Internet of vehicles cloud platform and big data platform.

Meanwhile, Altel’s principal activities include providing network facilities, network services and application services mainly in the provision of public cellular and mobile internet service.