KUALA LUMPUR, March 6 (Bernama) -- Sapura Industrial Bhd’s wholly owned subsidiary Sib Ventures Sdn Bhd has inked a memorandum of understanding with China-based Zhejiang Zhongze Precision Technology Co Ltd (ZZ Tech) to set up a battery component manufacturing facility in Malaysia.
In a filing with Bursa Malaysia today, the automotive component maker said both parties will collaborate and prepare feasibility studies with the objective of establishing a facility in Malaysia to produce and supply battery components for commercial and industrial applications.
“The proposed collaboration will be subject to both parties agreeing on the business plan, followed by negotiations and the execution of a definitive agreement, in which further terms, rights, and obligations of each party will be stipulated,” Sapura Industrial said.
It added that the parties intend to enter into a final definitive agreement within 180 days from the date of the MoU.
ZZ Tech is involved in the precision manufacture of structural components for new energy batteries. Its products are used in the fields of new energy vehicles and lithium battery energy storage.
-- BERNAMA
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