KUALA LUMPUR: PTT Synergy Group Bhd
has entered into a joint venture with CNANC Industrial Integration (Malaysia) Sdn Bhd to provide maintenance and support services for smart industrial warehouses and automated storage and retrieval system (ASRS) equipment.
In a filing with Bursa Malaysia, PTT Synergy said its wholly owned subsidiary, PROTT Sdn Bhd, signed the joint venture agreement with CNANC on Thursday to establish a special purpose vehicle in Malaysia.
Under the agreement, PROTT will hold a 51% stake in the joint venture company, while CNANC will own the remaining 49%.
The joint venture will undertake maintenance and related support services for smart industrial warehouses and ASRS equipment, as well as provide training to develop qualified engineers, technicians and other skilled personnel.
PROTT will be responsible for business development, customer and stakeholder management, as well as overseeing the joint venture's financial, administrative and operational functions. CNANC will provide technical expertise, technology resources, training and workforce upskilling.
“The board views the joint venture between PROTT and CNANC as a strategic collaboration that combines the complementary strengths and capabilities of both parties to provide maintenance and related support services for the growing demand for automated and sustainable logistics infrastructure in Malaysia,” PTT Synergy said.
PTT Synergy’s equity participation in the JV company will be funded through internally generated funds.
It expects the joint venture to contribute positively to the group's future earnings, although it is not expected to have any material impact on its earnings, net assets or gearing for the financial year ending June 30, 2027.
