KUALA LUMPUR: UMW Holdings Bhd has inked a Letter of Intent (LOI) with Japanese multinational corporation Komatsu Ltd to form a strategic partnership premised on the long standing business relationship between UMW and Komatsu. The LOI ascertains the intention of UMW and Komatsu to establish a joint venture company for heavy equipment business in UMW. UMW Corp, a wholly-owned subsidiary of UMW Holdings, and Komatsu intend to hold 74 per cent and 26 per cent respectively of the issued and paid up share capital of the JV. UMW Holdings said the proposed joint venture is to further strengthen and expand market penetration of Komatsu’s products in Malaysia, Singapore, Myanmar and Papua New Guinea. The UMW Group currently holds exclusive franchise for the distribution of Komatsu heavy equipment in Malaysia, Singapore, Myanmar and Papua New Guinea.

Source: New Strait Times August 29, 2017 14:37 UTC