KUALA LUMPUR: Sunview Group Bhd
’s wholly-owned subsidiary, Fabulous Sunview Sdn Bhd has entered into a preliminary joint venture agreement with Vision Ambassadors Company for International Trade Consultancy, LLC.
Under the agreement, Fabulous Sunview and Vision Ambassadors will collaborate to establish Sunview (Middle East) LLC, a special purpose vehicle (SPV), focusing on exploring opportunities related to renewable energy (RE) in the territory of Middle East, Gulf Cooperation Council and Central Asia.
In a statement, Sunview said Fabulous Sunview will hold a 40% stake in the SPV, while Vision Ambassadors holds the remaining 60%.
The parties have agreed that the initial paid-up capital for the SPV will be Saudi Riyal (SAR) 100,000.00 equivalent to RM127,533.00 and each party will contribute to this capital based on their respective percentage stakes.
“This collaboration represents a significant step towards accelerating the adoption of RE across multiple regions. The joint venture holds immense potential to drive positive change, not just within the companies, but also in contributing to environmental and societal well-being,” executive director and chief executive officer HP Ong.
