Asteel Group plans JV with Top-Mech in Sarawak

18 APRIL 2024

ASTEEL Group Bhd s an 80.36% subsidiary, Asteel Resources Sdn Bhd (ARSB), has entered into a shareholders’ agreement with Top-Mech Provincial Sdn Bhd to establish Asteel Top-Mech Sdn Bhd for the sale, distribution, and service of cranes and machinery in Sarawak.

The proposed joint venture (JV) allows ARSB to diversify its product offerings in East Malaysia, while Top-Mech can broaden its market presence by utilising ARSB’s extensive business network in the region.

The proposed JV is expected to enhance Asteel’s product range in East Malaysia and contribute positively to future earnings. — TMR

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