PETALING JAYA: UUE Holdings Bhd

, via its wholly-owned subsidiary Kum Fatt Engineering Sdn Bhd has entered into a joint venture agreement with EGP Infrastructure Investments Pte Ltd (EGPII) for the formation of a joint venture (JV) company to undertake the business of construction, development and delivery of power grid infrastructure.

In a filing with Bursa Malaysia, UUE said this includes, amongst others, the supply and installation of extra-high-voltage (no less than 132 kilovolts and up to 500 kilovolts) electrical equipment and materials including transformers, switchgear, cables, and associated accessories, the construction and commissioning of transmission and distribution systems.

“The proposed JV represents a strategic expansion of UUE and its subsidiaries’ existing business into the extra-high-voltage (EHV) substation engineering segment. 

By leveraging EGPII’s technical expertise and capabilities, which complement the group’s existing underground utilities engineering experience, the proposed JV is expected to enhance the group’s capabilities and broaden its service offerings within the power infrastructure sector.”

UUE said the proposed JV is also expected to provide the group with opportunities to participate in larger-scale power grid infrastructure projects.

It added that the JV will create a new source of earnings for the group through its equity participation in the JV company and strengthen its growth prospects over the longer term.