KUALA LUMPUR: LBS Bina Group's unit, ML Global Bhd (MGB), has formed a joint-venture (JV) entity through a partnership with Sany Construction Industry Development (M) Sdn Bhd (Sany (M), a subsidiary of Sany Group Co. Ltd.
The JV entity allows MGB and Sany (M) to have a 51 per cent and 49 per cent stake, respectively, in the entity which will set up a precast concrete panel manufacturing plant in the central region of Malaysia within the next six months.
MGB group managing director Tan Sri Lim Hock San said the partnership is a significant step forward for precast concrete technology, with the transfer of technical know-how from Sany including the design, manufacturing and installation of precast concrete, as well as the usage of precast concrete machineries.
"This JV further strengthens our position to deliver excellence through innovation and quality assurance in our field of expertise," he said during the Memorandum of Understanding (MoU) signing ceremony between MGB and Sany here today.
Tan added that the JV is set to enhance MGB's offerings to the local construction industry as it introduces the Industrialised Building System (IBS) solution.
According to MGB, the new precast concrete panel manufacturing facility will produce, market, sell and install precast concrete products, contributing to local housing and commercial development projects.
Meanwhile, Minister in the Prime Minister's Department Datuk Seri Ir Dr Wee Ka Siong said the construction industry is expected to contribute 5.5 per cent to gross domestic product by 2020, from the current 4 per cent.