PETALING JAYA, 9 June: Trive Property Group Bhd has entered into a memorandum of understanding to establish a joint venture company with Fortunate Solar Technology Ltd, a company established and registered in China well-known for its expertise in solar and silicon products/services.
A total investment of RM60 million will be raised between the parties for the establishment of a JV company in Malaysia, which will be equally owned by Fortunate Solar and Trive. Funds raised will be used to set up a production line in the new factory, which will provide full range of products or one stop solution in the solar business.
The joint venture company will also collaborate in the area of research and development, production, assembly, distribution and marketing of the solar energy systems.
Trive executive director Kua Khai Shyuan said the final solar products will be sold to their local market and the balance will be exported to the US, Europe and the rest of the world.
“Many international solar players are setting up factories in countries nearer to the equator such as Malaysia. In fact, First Solar Inc, an international solar player is our next door neighbor in Kulim Hi-Tech Park,” Kua said in a statement.
With this JV, Trive is able to mark a footprint in the China market with huge potential revenue generated. It is noted that China itself accounted for 23% of the cumulative global photovoltaic system installations in 2016.
Trive is streamlining its business portfolios to focus on its core business in design, development and marketing of green and renewable energy products, such as medium and high powered battery products and solutions, particularly, the solar related products so as to remain competitive in the business environment.
Trive has taken a series of action to restate its financial position including completing the debts restructuring programme and increase of its share capital dated Jan 9, 2015, private placements dated Sept 15, 2015, capital reduction on Jan 14, 2016 and proposed employee share option scheme on March 17, 2016.
In a filing with the stock exchange, Trive said its wholly-owned subsidiary ETI Tech (M) Sdn Bhd has fully settled and restructured the sum owing to the scheme creditors, and the default in payment status is now regularised and uplifted.
“Trive works relentlessly to return its earning to the black and would implement every possible steps to strengthen its financial position. Leveraging on Trive strength in solar industry, Trive is optimistic about the future growth of solar industry over the world.”
— THE SUN