PETALING JAYA: Trive Property Group Bhd (TPGB) had signed a Joint Venture Agreement (JVA) with Jiangxi Fujing New Energy Technology Co., Ltd (JFNET).
The JVA was a follow up of the Memorandum of Understanding (MOU) that had been signed on June 8, 2016, between TPGB and China’s Fortunate Solar Technology Ltd. (Fortunate Solar) on Oct 25, 2017.
Fortunate Solar had novated the abovementioned joint venture establishment to JFNET, an associate company of Fortunate Solar.
Under the JVA, the Parties shall incorporate a joint venture company to be known as Daima Fujing New Energy Technology Sdn Bhd (DFNET).
Both parties have agreed to inject an initial capital sum of RM60mil to set up a production line in a new factory that would be decided later with mutual agreement. The Joint Venture (JV) will be searching for a readily-built factory most probably in Iskandar Region, Johor.
“TPGB is optimistic about the future growth of the solar industry globally. This JV presents an opportunity for TPGB to maximize its shareholder values, meanwhile to align TPGB’s vision to move integrated towards a green energy company,” said TPGB director Doris Wong in a statement.
The final solar products being produced under this JV will be supplied to local markets, and it is JV intention to penetrate into United States, Europe and the rest of the world market as well to reap into this rapid market growth of green energy market value.