KUALA LUMPUR: Sapura Industrial Bhd (KL:SAPIND) has entered into a partnership with China-based Zhejiang Zhongze Precision Technology Co Ltd to set up an industrial and commercial battery component manufacturing facility in Malaysia.
In a bourse filing on Thursday, Sapura Industrial announced that its wholly-owned subsidiary, SIB Ventures Sdn Bhd, signed a memorandum of understanding (MOU) with Zhejiang Zhongze to formalize the collaboration.
The MOU serves as a foundation for further negotiations, including feasibility studies to assess the viability of the proposed manufacturing plant.
“The collaboration will proceed subject to both parties agreeing on a business plan, followed by negotiations and the signing of a definitive agreement that will outline their respective roles, rights, and obligations,” Sapura Industrial stated.
A final agreement is expected to be concluded within six months.
Sapura Industrial’s shares last traded on March 4, closing at 84 sen, giving the company a market capitalization of RM61.13 million.
