Trive Property partners China firm to develop solar business

PETALING JAYA: Trive Property Group Bhd, which has been actively traded for the last two weeks, has entered into a joint venture agreement (JV) with Jiangxi Fujing New Energy Technology Co Ltd (JFNET) to develop its solar business, which is expected to provide an additional source of earnings and improve its financial performance.

Based in the China, JFNET is principally involved in the manufacturing of main silicon material, more (single) crystal silicon, components and dealings in various types of solar power plant design and construction projects.

Under the JV, the parties shall incorporate a joint venture company to be known as Daima Fujing New Energy Technology Sdn Bhd (DFNET), with both parties owning a 50:50 shareholdings in the company.

Trive said DFNET will undertake the research and development, assembly, production, distribute and marketing of photovoltaic products such as solar cells, solar panels or solar modules including solar systems in design and storage of solar power.

Trive expects the JV will not have any material effect on the company’s issued share capital, net assets and earnings for the financial year ending Jan 31, 2018.

However, it said the JV is expected to contribute positively to the company’s future earnings once the business is established and started to generate returns.