Thursday 28 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on March 20, 2019

KUALA LUMPUR: T7 Global Bhd’s wholly-owned unit T7 Marine Sdn Bhd signed heads of agreement (HoAs) yesterday with Marine Crest Technology Sdn Bhd and India-based C2C-DB Systems Pvt Ltd (C2C-DBS) to form a joint-venture marine service company.

In a filing with Bursa Malaysia yesterday, T7 Marine said it will own a 40% stake in the company, while C2C-DBS and Marine Crest will each hold 30%.

“The parties agree to form a joint-venture company for marine services and the naval technology business in Malaysia, inclusive of supply, re-fit, refurbishment and upgrade contracts for ships and vessels. T7 Marine is principally involved in project management, marine engineering and services, and underwater, subsea services and marine technology,” it said.

It added that the HoAs are pending the execution of a more comprehensive agreement.

      Print
      Text Size
      Share