Scomi forms joint venture to bid for rail projects


In a filing with Bursa Malaysia, Scomi said that under the JV agreement, it would hold a 51% stake in the company that would be incorporated later, while RCA would own the remaining 49% stake.

PETALING JAYA: SCOMI GROUP BHD plans to form a joint-venture (JV) company with RC Asia Engineering Sdn Bhd (RCA) to collectively bid tenders for the construction of railway stations, tracks or other related infrastructure in the rail industry.

In a filing with Bursa Malaysia, Scomi said that under the JV agreement, it would hold a 51% stake in the company that would be incorporated later, while RCA would own the remaining 49% stake.

“The purpose of the JV agreement is to formalise a collaboration between the parties and to draw upon the skills, expertise, experience and capabilities of each other for the benefit of the JV company and to collectively bid tenders in the industry,” Scomi said.

“The proposed JV is consistent with Scomi’s objective of seeking various strategic alliances and joint ventures for synergistic benefits in order to generate sustainable operational profits and create value for its stakeholders.”

Scomi said it would fund the share subscription in the JV through internal funds.

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