M&G enters JV to expand vessel maintenance and repair services

KUALA LUMPUR: Marine & General Bhd (M&G) said its subsidiaries have entered into a joint venture agreement to undertake vessel maintenance, repair and docking-related businesses.

In a filing with Bursa Malaysia, the group said its wholly owned subsidiary, M&G Marine Services Sdn Bhd, and its 70%-owned unit, Jasa Merin (Malaysia) Sdn Bhd, have entered into a joint venture agreement with Nautica Energy Services Sdn Bhd.

The parties have agreed to incorporate a joint venture company, Jasa Merin Engineering Sdn Bhd.

The joint venture company will have a paid-up capital of RM500,000 and will be held 51% by M&G Marine Services, 19% by Jasa Merin (Malaysia) and 30% by Nautica Energy Services.

Its board will comprise four directors, with two representatives from M&G Marine Services and one each from Jasa Merin (Malaysia) and Nautica Energy Services.

“The proposed joint venture is intended to provide a structured framework to support improvements in the management of maintenance activities for Jasa Merin (Malaysia)’s fleet,” M&G said.

It will also allow the group to develop in-house engineering capabilities for maintenance and repair works, potentially reducing reliance on third-party service providers and improving cost efficiency over time.