Samaiden Group (KLSE:SAMAIDEN) unit Samaiden SG signed an agreement with Indonesian firm MCS Bina Energi to establish a joint venture company to penetrate into the renewable energy business in Indonesia.
The JV firm will have a proposed authorized capital of 10 billion Indonesian rupiah, or 2.8 million ringgit, according to a Tuesday Malaysian bourse filing.
It will be owned 70% by Samaiden SG, and 30% by MCS Bina Energi.
The JV firm to be incorporated will carry out the engineering, procurement, construction, commissioning, investment, and operation of solar power systems, along with Renewable energy consulting, maintenance, and build-own-operate-transfer services in Indonesia.
Shares of the construction engineering company gained marginally recently.
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