T7 Global toformJV for marine services

PETALING JAYA: T7 Global Bhd’s unit has entered into a heads of agreement to form a joint-venture company (JV Co) with C2C-DB Systems Pvt Ltd and Marine Crest Technology Sdn Bhd (MCT) to engage in marine services and the naval technology business in Malaysia.

“The parties have agreed to form a JV Co for marine services and the naval technology business in Malaysia, inclusive of supply, re-fit, refurbishment and upgrade contracts for ships and vessels,” said T7 in a stock-exchange filing.

T7 Marine Sdn Bhd, a wholly owned subsidiary of T7 Global, will hold a majority 40% stake in the JV Co, while the other two parties will hold 30% each.

C2C-DB Systems is an India-based company principally specialising in developing naval technology systems, designing and manufacturing electronic components and software for industries and customers in the international market for the government and private sector.

MCT, meanwhile, provides expertise in specialised maritime security consultancy services, technical and engineering services, trading services, procurement management, repair and maintenance of support equipment and services to the marine and naval industry.

“The JV is in line with T7 Global’s plans to explore businesses in areas with growth potential,” said T7 Global chairman Datuk Seri Nik Norzrul Thani Nik Hassan Thani in a statement.

“This JV will allow T7 Global to leverage on C2C-DB Systems and MCT’s respective expertise and experience in the marine and naval business.

“It draws upon their passion, energy and the accumulated expertise whilst also ensuring continuity of services to our valued Malaysian customers,” he added.