KUALA LUMPUR (Aug 1): UMW Holdings Bhd (UMW) has partnered with the United States Spark Labs International, Inc. to participate in technology co-working business in North America.
The initial contribution to the capital of the joint venture entity will be US$2 million (RM8.05 million), where it is to be contributed by the parties on a 50:50 basis.
UMW said in a bourse filing today that its wholly-owned subsidiary, UTech Americas, Inc. (UTech Americas), had entered into a joint venture (JV) agreement with Spark Labs International, Inc. In New York, to cooperate for the mutual benefit of both parties in the engagement of the business of providing co-working spaces and/or offices for lease and various professional services, as specified in the agreement.
Following this, a JV entity, U-Spark, LLC (U-Spark), has been established as a limited liability company in the State of Delaware.
UMW, which was one of the top gainers today, rose 1.75% or 10 sen to RM5.80, with 2.31 million shares traded.