KUALA LUMPUR: EP Manufacturing Bhd
said its wholly-owned subsidiary Fundwin Sdn Bhd has inked a joint venture agreement with Beijing-listed Hebei Shichang Automotive Parts Co Ltd for the manufacture, distribution, import and export of automotive fuel tanks, fuel system components and other related automotive products including OEM and aftermarket supply activities.
In a filing with the stock exchange, the group said the parties will incorporate a JV company, known as EP Shichang Automotive Systems Sdn Bhd. Fundwin will hold 51% equity in the JV firm, which will have an initial share capital of RM10mil, while the remaining 49% shall be held by Shichang's Hong Kong subsidiary.
It said the business will primarily be carried out in Malaysia, Asean and other countries or territories within the agreed territory, including markets covered by relevant free trade agreements entered into by Malaysia, as well as such other markets as may be approved by the board.
Fundwin will be responsible for the local operations of the joint venture company while Shichang will principally provide technical expertise, technical and testing support, manufacturing processes, quality control and operational assistance, including the provision and training of technical personnel.
Shichang will also support the development and localisation of automotive products, including new energy vehicle thermal coolant tanks and other related plastic tank products.
