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T7 Global partners Chinese firm for mega projects

January 12, 2018 10:37 AM
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PETALING JAYA: T7 Global Bhd's subsidiary T7 Kemuncak Sdn Bhd is forming a joint venture (JV) with China Construction Third Engineering (M) Sdn Bhd (CCTE Malaysia) in order to tender for infrastructure and construction projects in Malaysia.

Known as T7 China Construction Third Engineering Sdn Bhd , the JV will bid for East Coast Rail Link (ECRL), Mass Rapid Transit (MRT), Light Rail Transit (LRT) projects and construction business in Malaysia.

T7 and CCTE Malaysia own 51% and 49% equity interest in the JV respectively.

CCTE Malaysia is is an indirect wholly-owned subsidiary of China State Construction Engineering Corporation Ltd (CSCEC) held via China Construction Third Engineering Bureau Co Ltd.

CSCEC is the largest construction and real estate conglomerate in China with extensive experience and expertise in buildings, design and engineering, industrial facilities and infrastructure projects.

Listed on the Shanghai Stock Exchange with a market capitalisation of over RMB300 billion (RM191 billion), CSCEC is involved in the business of implementation and supervision of infrastructure works including railways, highways, bridges, harbours, refineries, dams and other related facilities for more than 50 years.

T7 said the JV is in line with its plans to explore businesses in areas with growth potential and will allow the group to leverage on CCTEB's advantage as a construction industry leader.

T7's share price was down by 1.1% to close at 45 sen on some 1.56 million shares done.

Also read: Malaysia sukuk issuance rises to US$19.4b in first-half 2018

Source: thesundaily.my

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