PETALING JAYA: Chinese battery maker Jujiang Power Technology Co Ltd is proposing to subscribe to a 40% stake worth RM48mil in ABM Fujiya Bhd
’s (Afujiya) unit, Fuya Energy Sdn Bhd (FESB).
In a filing with Bursa Malaysia, Afujiya said the proposed subscription would serve as an avenue for FESB to settle the majority of the debt owing to Jujiang in an expeditious manner.
In addition, Afujiya said the proposed subscription would allow Jujiang to contribute significantly in the future prospects of Afujiya Group via the holding of a substantial shareholding in FESB.
“In line with the Sarawak state government’s commitment to reduce carbon admission, FESB has collaborated with i-Cats University to explore the substitutes of lithium to ensure the batteries to be manufactured are eco-friendly,” it said.
