Perlis, Sabah firms agree on joint venture


PERLIS-BASED Bumita Development Sdn Bhd is joining forces with YASmewah Group Sdn Bhd from Sabah in its move to exploit business opportunities outside its home state. 

The two companies signed a joint-venture agreement last Wednesday to formalise the formation of a joint-venture company called YASmewah-Bumita JV Sdn Bhd, which is 51% owned by YASmewah and 49% by Bumita. 

Tuanku Puteri Mahkota Perlis Datuk Seri Sharifah Fazira Syed Sirajuddin Jamalullail has been appointed its chairman. 

The joint venture has already clinched a RM1bil deal from the federal government to design and construct four major infrastructure projects in Sabah. 

The four are a polytechnic in Sandakan, a highway between Kota Marudi-Marakparak and Poring, to design, build and manage the Kota Kinabalu city centre environmental improvement master plan, and to design and build staff quarters for the Home Ministry in Kota Kinabalu.  

All the projects were to begin in September for completion in five years, Bumita Holdings Sdn Bhd managing director Dzayauddin Ishak said. 

He was speaking after the signing of the agreement witnessed by the Regent of Perlis Tuanku Syed Faizuddin Putra Tuanku Syed Sirajuddin Jamalullail, who is Bumita Holdings adviser. 

Dzayauddin said Bumita decided to venture out of Perlis to explore new opportunities after having completed almost 70% of the state's infrastructure projects and housing schemes.  

He said the joint venture hoped to get contracts worth RM10bil. ”We have a limited market capacity to grow, so it was best to seek new frontiers, especially in the infrastructure and agriculture-related sectors. Our venture with YASmewah signals our first project outside the state.” 

YASmewah managing director Datuk Alimuddin Malloroang said Sabah had great potential for infrastructure development as it was 10 years behind that of the Klang Valley. 

Alimuddin said the company selected Bumita for the latter’s wide experience and its ability to deliver projects on schedule. 

“We would first focus on Sabah before setting out. The projects in Sabah would also become a catalyst for the state’s socio-economic growth as many of them would be tendered to local sub-contractors,” he said. 

Bumita is a subsidiary of Bumita Holdings while the YASmewah Group is a major developer in Sabah. 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Mah Sing completes RM300mil Sukuk issuance
MITEC reopens facilities as business events resume
Tenaga completes purchase of Blyth from EDF Renewables
Vegetable oil production set to hit 4-year high leading to fall in prices
Robust growth ahead for silicon wafer shipments until 2024
Credit Suisse to pay at least US$400m in Mozambique scandal
George Kent to focus on opportunities in railway space
Thai AirAsia parent seeks to raise US$540m in fresh capital
Bintai Healthcare to distribute Scientillence’ hemodialysers
Bank stocks stay positive amid negative market breadth

Others Also Read