KUALA LUMPUR (May 13): Seacera Group Bhd is to partner up with a Korean company to explore commercial possibilities in the LED lighting market in Malaysia.
In a bourse filing today, the group said that it had entered a three-month memorandum of understanding (MoU) with KR EMS Co Ltd on May 11 to enable LED lighting production infrastructure development technology exchanges, information exchange on the development of LED lighting products and the joint marketing of said products.
It added that the group would be looking at establishing a joint venture.
“KR EMS and Seacera wish and plan to set up, based on mutual trust and positive collaboration, the international LED lighting products business base in Malaysia for future growth momentum as well as the economy of Malaysia and Korea through the Joint Venture System,” said the group.
The MoU is not subject to shareholder nor regulatory approval.
KR EMS is a Korean company that specialises in producing LED lights for products such as car headlights, computer monitors and laptops.
In a separate announcement, the group said its shares would not be traded on Bursa Malaysia from 9:00am to 10:00am in reference to its announcement on the MoU.
As of 9:26am, shares in Seacera were not traded (with trading only resuming at 10:00am). The counter last traded at 20 sen, giving it a market capitalisation of RM94.86 million.