Master Tec signs MoU with China's YOFC Marine to promote submarine and high-voltage cables in Malaysia
MASTER Tec Group Bhd (MTG) has signed a memorandum of understanding (MoU) with China-based Yangtze (Jiangsu) Marine Technology Co Ltd (YOFC Marine) to explore collaboration in the marketing, sale, and technical development of advanced cable technologies in Malaysia.
In a filing with Bursa Malaysia today, MTG said the MOU, signed on the same date, grants the company the rights to promote and sell YOFC Marine's products within Malaysia.
Support for the regional market may also be extended by YOFC Marine on a mutually agreed basis.
YOFC Marine is a specialist in marine engineering and the production of submarine composite power cables and a full range of fibre optic cables.
Under the MoU, the parties intend to work together on product development and technical collaboration involving submarine composite power cables, optical ground wire cables, specialised low-sag high-capacity overhead conductors, and high voltage underground cables rated at 132kV and above.
YOFC Marine will provide design specifications, technical expertise, machinery recommendations, and testing protocols to support MTG's efforts.
The Chinese company may also second its technical expatriates to MTG, with all related costs, including accommodation and allowances, to be borne by MTG, subject to further agreement.
The MoU has an initial term of three years and may be extended upon mutual agreement.
MTG noted that the MoU is expected to contribute positively to future earnings.
The board and management of MTG said they are of the view that the MoU is in the best interest of the company. — TMR
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