Scomi International Forms JV Company With South Asia Logistics And Emir Equity

KUALA LUMPUR, April 20 (Bernama) -- Scomi International Private Ltd has entered into a joint venture agreement with South Asia Logistics Services Ltd and Emir Equity Sdn Bhd to form a joint venture company in Singapore where Scomi Group Bhd will hold 50 per cent equity. Scomi International is a wholly owned subsidiary of Scomi while South Asia Logistic and Emir Equity are the shareholders of Imartek Sdn Bhd which owns a plant that manufactures core components of hydro turbines and generators. The joint venture company will pursue business opportunities specifically focused on engineering, procurement and construction (EPC) of hydropower plants and wind farms in Asia, including Turkey, Scomi said in a statement. “South Asia Logistics and Emir Equity will inject their equity in Imartek in consideration of its 45 per cent and five per cent shareholding in the joint venture company, respectively. Arising from this, Imartek would become a wholly-owned subsidiary of the joint venture company,” it said. This development is Scomi’s second venture into the renewable energy sector after its solar project that was secured through another joint venture for which the power purchase agreement was signed on March 27, 2017. This tripartite joint venture company would offer integrated solutions for power generation in wind and hydro global markets by combining the parties’ expertise in project management services, design engineering, EPC and commissioning. It would also offer operations and maintenance services for hydropower plants, wind farms and port crane systems, Scomi said. “This partnership further consolidates Scomi’s effort in building a renewable energy portfolio as a new core business. The technology that resides within the company will enable Scomi and its partners to bid for hydro and wind projects,” it added. --BERNAMA