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BUSINESS

Kejuruteraan Asastera forms SPV to expand mechanical engineering works division

21/07/2021 03:44 PM

KUALA LUMPUR, July 21 -- Kejuruteraan Asastera Bhd’s (KAB) wholly owned subsidiary KAB Technologies Sdn Bhd (KABT) has entered into a binding term sheet with Vodex Technical Services Sdn Bhd to expand KAB’s mechanical engineering operations and maintenance services segments.

Under the binding term sheet, a special purpose vehicle (SPV), named TVT Link Tech Solutions Sdn Bhd was formed where KABT holds a 60 per cent stake in TVT Link and the remaining 40 per cent is held by Vodex.

Vodex, established in 2011, is an outsourced-focus technical management and engineering company, providing mechanical and electrical operations and maintenance (O&M) solutions.

In a statement, KAB said the employees and all existing O&M contracts will be novated to TVT Link.

These O&M contracts are expected to provide an estimated 10 per cent additional contribution to the group’s bottom line, going forward.

KAB managing director Datuk Lai Keng Onn said through the partnership, KAB is confident it will be able to expedite growth plans and, at the same time, complement its expansion in the O&M services.

“Given Vodex’s track record, we can leverage on its outstanding expertise and in-depth experience to offer comprehensive mechanical engineering services to our customers.

“I believe this partnership marks the beginning of a long-term win-win relationship with Vodex and will bring about new growth opportunities by integrating the capabilities and resources of both parties to maximise synergy,” he said in a statement today. 

Separately, KAB has been listed as one of the constituents of the FTSE Bursa Malaysia EMAS Index (FBM EMAS Index).

“This has brought the group closer to be listed in the prestigious FTSE4Good Bursa Malaysia Index as we continue to strike a good balance between profitability and sustainability,” he added when commenting on the listing on the FBM EMAS Index. 

-- BERNAMA


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