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KUALA LUMPUR (March 18): Construction and property development firm Vizione Holdings Bhd and China's Hubei Wuqiao Geotechnical Engineering Co Ltd (HWGE) plan to explore building materials trading and dealership opportunities in Malaysia.
In a bourse filing on Thursday (March 17), Vizione said it has entered into a memorandum of understanding (MoU) with HWGE to explore cooperation in the potential venture.
Based in Wuhan, Hubei Province, HWGE's main business includes first-level professional contracting of foundation, basic engineering; as well as second-level professional contracting of building decoration, decoration engineering, development and technical services of mechanical and electrical equipment, and mechanical equipment leasing.
Vizione said the MoU will not give rise to any financial obligation by one party to the other and each party will bear its own cost and expenses in relation to the activities of promotion of this cooperation.
“Under this MoU, the parties agree to discuss and further negotiate before implementing any specific activity and programmes(s) with specific budget for any such activities.
“Vizione and HWGE will enter into a definitive agreement upon finalisation of terms and conditions of any specific activity to be carried out by the parties and after such activities are found to be feasible,” it added.
Vizione closed 11.11% or half a sen higher at 5 sen on Thursday, bringing the company a market capitalisation of RM109.14 million.
Edited by Kang Siew Li
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