PETALING JAYA: PJBumi Bhd
’s wholly-owned subsidiary, PJBumi Heavy Engineering & Services Sdn Bhd has entered into a joint venture (JV) with Chinese-based INTLEF Horizon Pressure Control (Jiangsu) Co Ltd to form a new company which is set to undertake new projects within Malaysia, Indonesia and any other country.
In a filing with the stock exchange, PJBumi said a plant will be established in Bandar Sungai Petani, Kuala Muda, Kedah for manufacturing, assembly including testing and maintenance of oilfield equipment.
It added that the JV will leverage INTLEF's advanced manufacturing technology while PJBumi’s local presence will allow for greater access in the local market while presenting an opportunity to become a local manufacturer and assembler.
The initial JV will start with a minimum of RM1,000, and thereafter, the share proportion of PJBumi will be 60% while INTLEF will hold the remaining 40%.
“The JV agreement is not expected to have any material effect on the earnings per share, net assets per share, gearing and substantial shareholders’ shareholdings of the company for the financial period ending June 30, 2026,” said PJBumi.
