KUALA LUMPUR: T7 Global Bhd
's unit has entered a heads of agreement to form a joint venture company with C2C-DB Systems Pvt Ltd and Marine Crest Technology Sdn Bhd (MCT) to engage in marine services and naval technology business in Malaysia.
"The Parties agree to form a JV Co. for marine services and naval technology business in Malaysia, inclusive of supply, re-fit, refurbishment and upgrade contracts for ship and vessels," said T7 in a stock exchange filing.
T7 Marine Sdn Bhd, a wholly owned subsidiary of T7 Global, will hold a majority 40% stake in the JV company while the other two parties will hold 30% each.
C2C-DBS is an India-based company principally specialising in developing naval technology systems, designing and manufacturing electronic components and software to industries and customers with in the international market for the government and private sector.
Local-based MCT provides expertise in specialised maritime security consultancy services, technical and engineering services, trading services, procurement management, repair and maintenance of support equipment and services to the marine and naval industry.
“The JV is in line with T7 Global’s plans to explore businesses in areas with growth potential," said T7 global chairman Datuk Seri Nik Norzrul Thani Nik Hassan Thani in a statement.
"This JV will allow T7 to leverage on C2C-DBS and MCT’s respective expertise and experience in the marine and naval business.
"It draws upon their passion, energy and the accumulated expertise whilst also ensuring continuity of services to our valued Malaysian customers,” he added.