Globetronics inks inks tech provision deal with Kaynes Semicon

KUALA LUMPUR: Globetronics Technology Bhd has entered into a technology provision agreement with India-based Kaynes Semicon Private Limited (KSP) to provide technical services in respect of the outsourced semiconductor assembly and testing business to KSP for RM35.9mil.

In a filing with Bursa Malaysia, Globetronics said it would also reinvest RM24.98mil into KSP subject to the execution of a subscription agreement.

"The proposed subscription will provide a good opportunity for the company to expand its customers base into a high-growth location, India and to strengthen its market presence in the automotive and industrial segments," it said.