In a Bursa filing, Sapura Industrial (SIB) announced that its wholly owned subsidiary, SIB Ventures, entered into a memorandum of understanding (MoU) with Zhejiang Zhongze Precision Technology to establish a manufacturing facility in Malaysia to produce and supply battery components for commercial and industrial applications.
With the MoU laying the foundation for a proposed collaboration, the parties involved will collaborate and prepare feasibility studies on setting up the manufacturing plant. “The proposed collaboration will be subject to the parties agreeing on the business plan, thereafter negotiating and entering into definitive agreement where further terms, rights and obligations of each party shall be stipulated,” read the announcement.
The parties intend to enter into a final definitive agreement within 180 days from the data of the MoU, which was signed on March 6, 2025.
In November last year, SIB said it was acquiring the business of Mili Tech (MTSB) as part of a joint venture to undertake refurbishing and recycling of batteries in electric vehicles (EVs) and/or hybrid cars as well as servicing, repair and maintenance of such vehicles.
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Sapura? haha. Good luck Zhejiang Zhonghe.
As long as not like Samsung battery factory which exploded it is okay.
Samsung batt factory catches fire? When was it?
I only know CATL factory catches fire just few months ago.
Hehehe, Good luck, hopefully any invoice from Zhejiang will get paid in the future