Knusford Bhd has entered into a joint-venture (JV) agreement with real-estate developer Shanghai Greenland Construction Co Ltd of China to bid for major building jobs and infrastructure projects in Malaysia and the region.
In a statement last Friday, Kunsford said its wholly-owned subsidiary Kota Express Sdn Bhd (KESB) and Greenland’s Malaysian unit, Greenland Malaysia Urban Development Sdn Bhd (GMUD), will form a JV company, of which GMUD and KESB will hold 55:45 equity respectively.
“With the JV, both companies are now well poised to bid for and participate in several major real estate development projects in Iskandar Malaysia and the region,” its managing director Datuk Ahmad Zaki Zahid said.
He said the JV provides the opportunity for the group to bid for major building and civil engineering jobs and infrastructure projects, especially by China conglomerates in Malaysia and the region.
“By joining hands with Greenland, we can now ensure local businesses also get procurement jobs for building materials and other services from China developers in Iskandar Malaysia,” Ahmad Zaki added.
He said both parties will also vie for new construction and infrastructure jobs in the public and private sectors, adding the JV allows Knusford to reshape the building industry culture and practices in the country through faster and more cost-effective building solutions.
Meanwhile, Ahmad Zaki said the JV will also enable Greenland Construction to tap into Malaysia’s building and infrastructure sector, including the expanding Mass Rapid Transit (MRT) and high speed rail network.
Knusford is involved in the supply of building materials and heavy plant machinery, as well as construction projects, property development and related investments.