TT Vision Holding announced that it has entered into a joint venture agreement with Autowell (Singapore) Pte Ltd, to establish a manufacturing base in Malaysia for the research and development, production and sales of automation equipment as well as related hardware and software products intended for the overseas solar energy markets such as Southeast Asia, Europe and America.
Under the JVA, both parties have collectively agreed to set up a joint venture company in Malaysia with an initial starting capital of RM166.6 million of which TTVHB will have 15% equity stake while the remaining 85% will be owned by ASPL.
Through this collaboration, the joint venture company will principally be involved in, Design, development, production, sales and export of automation equipment; Development, sales, import and export of automation equipment and related hardware and software products; Project management of related businesses above and provision of consulting services.
TTVHB’s chief executive officer and executive director Goon Koon Yin said, “The formation of this joint venture augurs well for TTVHB as we explore new opportunities to further grow our business and increase our revenue sources. By fostering a collaborative partnership with a leading foreign direct investor, we are also opening doors to inorganic growth and new market horizons particularly in the realm of advanced solar equipment. Leveraging on the capabilities of both parties, we plan to continuously innovate and establish ourselves as a key player within the rapidly growing industry while also playing a part in contributing towards the global sustainable energy goals.”
