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PETALING JAYA: UMW Holdings Bhd entered into a transaction agreement with Komatsu Ltd. of Japan to associate in the heavy equipment sector
UMW stated in a filing at the As part of the Fellowship, collaboration between the parties aims to strengthen and increase market penetration and competitiveness of Komatsu products in Malaysia, Brunei, Singapore, Myanmar and Papua New Guinea. "19659002" The collaboration will also allow the joint venture to adopt best practices and business models. Komatsu manufactures construction and mining equipment, utilities, forestry machinery and industrial machinery.
UMW will establish a wholly owned subsidiary in Malaysia – JV, which will acquire all the shares held by UMW in its subsidiaries, which are involved in the heavy equipment sector in Malaysia, Brunei, Myanmar and in Papua New Guinea. [19659002] A new Singaporean company will be incorporated under the JVC to take over the UMW activities in Singapore from the existing UWM subsidiary in Singapore.
Komatsu will then acquire a 26% stake in UMW's JV company for RM133.9 UMW will retain the remaining 74% and the remaining 74%.
A joint venture agreement will be concluded at a later date to define the mutually agreed rights, duties, responsibilities and obligations of the parties in relation to the operations of the joint venture.
UMW shares rose 23 sen or 3.9% to close at RM6.20 yesterday with 765,800 shares changing hands
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