AT Systematization and China’s MaoMing JiaCheng to venture into renewable energy
AT Systematization Bhd has signed a collaborative agreement with China’s MaoMing JiaCheng Industrial Co Ltd to form a 50:50 joint venture for a likely listing in London and to set up a US$20 million (RM63.3 million) renewable energy plant in Malaysia.
Speaking at a media briefing after the agreement signing in Kuala Lumpur yesterday, AT Systematization Executive Director, Auniah Ali said the company is in initial discussions with the Ministry of Home Affairs and the Malaysian Investment Development Authority (MIDA) on the project.
MaoMing JiaCheng Chairman, Huang Shen and AT Systematization Chairman, Datuk Seri Ahmad Syed Hamdan signed the agreement on behalf of their respective companies, witnessed by the Minister in the Prime Minister’s Department, Datuk Seri Mohamed Nazri Abd Aziz.
With the agreement sealed, both parties can now begin a due diligence study on the renewable energy plant, construction of which is expected to take up to three years.
MaoMing JiaCheng, a renewable energy producer, has proprietary technology for the production of high grade renewable energy fuel in the form of "enhanced" methanol which could be used to run automobiles and machines.
The synergistic partnership will enable AT Systematization to venture into the renewable energy business while at the same time, opens up opportunities for MaoMing Jia-Cheng to grow its business beyond China.
Adapted from NST Business Times and StarBiz 18 July 2012
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