SEDC Energy - Resintech JV to strengthen industrial plastics trading
Resintech Berhad, a leading manufacturer of plastic pipes and fittings, has entered into a Shareholders Agreement with SEDC Energy Sdn Bhd and Johan Intan Sdn Bhd, aligning with Sarawak s green energy and sustainability goals. The agreement, signed by Datuk Teh Leng Kang and Robert Hardin, aims to expand Resintech s footprint in Sarawak s industrial plastics sector through a joint venture. This partnership complements SEDC Energy s renewable energy initiatives, including the production of Sustainable Aviation Fuel (SAF) from algae cultivation. SEDC Energy will hold a 40% equity stake in the joint venture, while Resintech will hold the remaining 60%. The venture will initially focus on trading industrial plastics products, with potential expansion into manufacturing based on market demands. Dato’ Dr. Teh Kim Poo, Managing Director of Resintech, expressed excitement about the collaboration, stating it will boost trading capabilities and open new opportunities in Sarawak s industrial sector. The joint venture reflects Resintech s commitment to ESG principles and supports Sarawak s transition to cleaner energy solutions. The partnership is expected to strengthen Resintech s financial performance by expanding market opportunities and securing a steady revenue stream from the Sarawak market. The joint venture aligns with Sarawak s ambitious goals in green energy and sustainability, positioning the company as a leader in sustainable industrial practices. The agreement follows a Memorandum of Understanding signed on June 15, 2023, between Resintech Plastics (Sarawak) Sdn Bhd and SEDC Energy. The joint venture leverages the combined expertise of both entities, aiming to capitalize on emerging opportunities in the industrial plastics market. The collaboration is announced on various platforms, including Facebook, Messenger, Twitter, WhatsApp, and Email.
Source: theborneopost.comPublished on 2024-09-17
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