KUALA LUMPUR (Aug 7): Metronic Global Bhd has teamed up with China's Zhuhai Singyes New Materials Technology Co Ltd (Singyes) to jointly develop smart city solutions in Malaysia.

Metronic said the joint venture (JV) represents part of its initiative to seek out for value accretive investments while leveraging on its existing engineering capabilities.

"In this regard, the group has identified smart solutions as a new area that the group could potentially branch out into," it added.

In a bourse filing today, Metronic said its wholly-owned subsidiary Metronic Engineering Sdn Bhd (MESB) had yesterday signed an agreement with Singyes to form a JV company for the purpose. MESB will hold an 80% equity interest in the JV company and Singyes the rest.

Under the partnership, the JV company will develop a smart land transportation system, solar panel system, outdoor or indoor smart digital signage, smart film and smart glass and camera system, as well as set up an advance data centre to collect big data from a smart city, which will be used for data analysis in township planning, developing and monitoring purposes.

The JV company will also cooperate in terms of infrastructure, new green materials technology, development, technical knowledge exchange, planning, implementation, upgrading, support and maintenance, and set-up a prototype model of smart land transportation system, solar panel system, outdoor or indoor smart digital signage, smart film and smart glass and camera system in major cities in Malaysia.

Metronic shares closed unchanged at 5.5 sen today, with 3.09 million shares done, bringing it a market capitalisation of RM62.29 million.