| PROTASCO KICKS OFF INTERNATIONAL PARTNERING WITH CHINESE AND LIBYAN ASSOCIATES |
| 28 June 2005 |
| By : Nor Raihan Abu Bakar |
Kajang, 28 June 2005: Responding to the Malaysian government's encouragement for local companies to foster economic, business and technical co-operation with their overseas counterparts, Protasco Berhad formalised its international collaboration with its Chinese and Libyan partners here today.
As part of the group's offshore strategy, Protasco Infra Sdn. Bhd. , a wholly owned subsidiary of Protasco Berhad, signed a joint venture contract with Chengdu Xinzhu Road & Bridge Machinery Co.Ltd and Xinjin Fukun Road Engineering Consultation Office to set up a joint venture company in China.
The joint venture vehicle, Xinpro Road Maintenance (Sichuan) Ltd Liability Co, will undertake maintenance, construction and other infrastructure works in road and bridge projects, provision of consultancy and development of better road materials in China.
Protasco also signed a Memorandum of Understanding (MOU) with Chengdu Xinzhu Road & Bridge Machinery Co. Ltd. With Malaysia as the base, a proposed Joint Venture Newco shall undertake manufacturing and marketing of bridge expansion joints. It will be exported to China and other countries in Asia.
The signing of the contract and MOU was held at Ikram Park, Kajang. Protasco was represented by its Managing Director, Y.Bhg. Dato' Ir. Chong Ket Pen . Chengdu Xinzu Road was represented by its Chairman Mr. Huang Zhiming while Xinjin Fukun Road was represented by Mr. Li Xiang Bo.
The signing was witnessed by Y.B. Dato' Mah Siew Keong, Deputy Minister of of International Trade and Industries, China's Commercial Trade Counselor, Mr Zhang Ying Wen, Protasco Berhad's Executive Chairman, Dato' Ir. Hj. Hasnur Rabiain Ismail, Chairman of Kumpulan Ikram, Y.Bhg. Tan Sri Othman bin Mohd Rijal and Y.Bhg. Tan Sri. Dato' Dr. Abdul Hamid Othman, Chairman of the Board of Governor, KLIUC, a unit of Protasco.
Protasco Berhad also cemented its tie with Libyan partners with the presentation of a Letter of Award (LA) by Libya's General National Company for Roads (GNCR) to Ikram Research Centre, valued at RM2.2 million.
Presented by GNCR's President , Ir. Ahmed Tayeb Awedat to Y.Bhg. Tan Sri Othman Mohd Rijal, the LA for Detailed Pavement Evaluation and Rehabilitation Design in respect of the maintenance of a 230km Ras Jedeir-El Gharaboulli Coastal Road in Libya could pave the way for a bigger investment by Protasco in Libya.
The LA presentation was witnessed by Y.B. Dato' Mah Siew Keong, Dr. Ahmad Hanish, Libyan Ambassador, Dato' Ir. Hj. Hasnur Rabiain Ismail, and Y.Bhg. Tan Sri. Dato' Dr. Abdul Hamid Othman.
A demo and launch of the Chinese-made MAXON Paving Machine to the Malaysian market was also held today to further accelerate the sale. In March this year, Protasco Trading Sdn. Bhd., a wholly owned subsidiary of Protasco Berhad, was granted the sole distributorship to market the machine in five ASEAN countries, Papua New Guinea and East Timor.
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