PETALING JAYA: Zecon Bhd
has entered into a memorandum of understanding (MoU) with Petrosabah Sdn Bhd, a wholly owned subsidiary of Innoprise Corp Sdn Bhd, to jointly develop a large-scale photovoltaic or PV floating integrated project in Lahad Datu, Sabah.
Innoprise Corp is the investment vehicle for Yayasan Sabah, focusing on socioeconomic progress for Sabahans.
In a filing with Bursa Malaysia yesterday, Zecon said the partnership is expected to pave the way for the signing of a joint venture agreement or other relevant agreements related to the proposed project.
“The objective of this MoU is for both the parties to collaborate and explore long-term opportunities for mutually supportive and beneficial relationships,” it said.
Zecon said both the parties have agreed to form a joint venture company with a shareholding structure of 70% for Zecon and 30% for Petrosabah for the proposed project.
