Sunview Group Berhad announced that its wholly-owned subsidiary, Fabulous Sunview Sdn Bhd has entered into a preliminary joint venture agreement with Vision Ambassadors Company for International Trade Consultancy, LLC.
Under the Agreement, Fabulous Sunview and Vision Ambassadors will collaborate to establish Sunview (Middle East) LLC, a special purpose vehicle which will focus on exploring opportunities related to RE in the territory of Middle East, Gulf Cooperation Council (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman) and Central Asia. Fabulous Sunview will hold a 40% stake in the SPV, while Vision Ambassadors holds the remaining 60%. The parties have agreed that the initial paid-up capital for the SPV will be Saudi Riyal (SAR) 100,000.00 equivalent to RM127,533.00 and each party will contribute to this capital based on their respective percentage stakes.
The collaboration’s objectives include identifying locations of proposed projects, coordinating with the relevant parties on these projects as well as investing in the projects. Fabulous Sunview will assess suitability of the projects identified and serves as an EPCC provider for the proposed projects.
