Wellcall Holdings Bhd and Trelleborg Holding AB had on Jan 15, 2019 entered into a shareholders agreement to jointly form a private limited liability company in Malaysia for the purpose of manufacturing, marketing and selling of composite hose and fittings.
In an exchange filing yesterday, Wellcall noted the JV company shall have an initial issued and paid up capital of US$2.2 million (RM9.2 million) divided into 2,200,000 ordinary shares.
Trelleborg will hold a 51% stake in the JV company and Wellcall the rest.
Wellcall will fund its share of the equity participation with internal funds.
The proposed JV is expected to be completed by the end of the year.