KUALA LUMPUR (April 16): MCE Holdings Bhd is teaming up with two Taiwanese firms to manufacture and market camera and audio-visual related products for the automotive industry.
In a filling with Bursa Malaysia, MCE said its wholly-owned subsidiary MCE Ventures Sdn Bhd has inked a memorandum of understanding with Fortechgrp Co Ltd and Weltronics Co Ltd to establish a joint-venture.
Fortech will own a 51% stake in the JV, while MCEV and WTC will hold stakes of 29% and 20%.
MCE said the three parties will leverage on each party’s expertise, with Fortech assisting in the manufacturing and assembly of camera and audio-visual related products.
MCE Ventures, meanwhile, will assist in promoting camera and audio-visual related products, while Weltronics will provide technology for product development, technical assistance and information for manufacturing the camera and audio-visual related products.
“The MoU will not have any material effect on the issued and paid up capital, net assets and earnings of the company for the financial year ending July 31, 2019,” MCE said.
MCE shares were last traded at 69 sen, giving the group a market capitalisation of RM30.64 million.