Scomi enters into JV to pursue hydropower projects in Asia

Malaysia, Slider 24 Apr 2017
Scomi enters into JV to pursue hydropower projects in Asia

Scomi Group Bhd has formed a joint venture to seek engineering, procurement and construction (EPC) projects related to hydropower plants, wind farms and port crane systems in Asia, including Turkey.

In a statement to Bursa Malaysia, the oil and gas service provider said its unit Scomi International Pte Ltd (SIPL) had sealed an agreement with South Asia Logistics Services Ltd (SALS) and Emir Equity Sdn Bhd to form a joint-venture firm in Singapore.

SIPL will hold 50% of the voting rights in the JV firm, to be called Scomi Imartek Pte Ltd, while SALS – the ultimate holding company of Imartek Sdn Bhd – and Emir Equity will have 45% and 5% respectively.

Scomi Imartek will hold 100% equity interest in Imartek, which owns a plant in Lumut, Perak, that manufactures specialised equipment used in hydropower plants, wind farms and port crane systems under licence from Argentina-based turbine maker Industrias Metalurgicas Pescarmona SAICF (IMPSA).

Imartek produced the core components of four hydro turbine-generators for the Bakun Hydro Plant in Sarawak.

Emir Equity, meanwhile, is the investment vehicle Imartek chairman Datuk Moehamad Izat Emir, who is also the Malay Businessmen and Industrialists Association of Malaysia (Perdasama) president.

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