Boustead, Wah Seong in joint venture deal

Boustead Holdings Bhd's unit, Boustead Global Trade Network Sdn Bhd has entered into a joint venture agreement with Wah
Seong Industrial Holdings Sdn Bhd to undertake various business activities in Myanmar.

In
a filing to Bursa Malaysia today, Boustead said the joint venture deal
with an equity share of 50:50, would be run through a company, Passion
Returns Sdn Bhd, currently an indirect wholly-owned subsidiary of Wah
Seong Corp Bhd (WSC).

"The joint venture is to rationalise
existing and future activities of both WSC and Boustead groups in
Myanmar under one single platform to enable better management focus and
allocation of resources," it said.

It will undertake
investment holding activities and businesses in property development
and management; provision of general fabrication, engineering and oil
and gas services; trading and marketing activities and any other
businesses or projects mutually agreed on. -- BERNAMA