KUALA LUMPUR (July 28): AWC Bhd is partnering with Techkem Utilities Sdn Bhd to jointly explore water-related project opportunities in Malaysia and the ASEAN region.

In a filing with Bursa Malaysia, AWC said its wholly-owned subsidiary DD Techniche Sdn Bhd (DDT) has entered into a memorandum of understanding (MoU) with Techkem Utilities.

"This MoU shall come into force from the date of execution and is valid for 12 months unless terminated by the parties," said AWC, adding that the MoU is not expected to have any immediate material effect on the group's earnings, net asset per share and gearing for the financial year ending June 30, 2021.

Techkem is a wholly-owned subsidiary of Techkem Group, a water treatment solution provider.

The group has more than 18 years of experience in engineering, procurement, construction, and commissioning; operation and maintenance; design, build, operate and transfer; and distribution of specialty chemical products for the water and waste-water market, said AWC.

DDT, meanwhile, is involved in providing services from engineering design, component and equipment supply to installation of rainwater harvesting system for both residential homes and commercial buildings in Malaysia. The company holds four exclusive dealerships for the distribution of rainwater harvesting components and products in Malaysia.

AWC's share price closed one sen or 2.35% lower at 41.5 sen, bringing the group a market capitalisation of RM122.21 million. Some 3.71 million shares were transacted.