Samaiden Group Berhad announced that its wholly-owned subsidiary, Samaiden SG Pte Ltd, has entered a Joint Venture and Shareholders' Agreement with PT MCS Bina Energi to establish a joint venture company in Indonesia and tap into the rapidl RE market in the country.
The collaboration will leverage on Samaiden's technical expertise in EPCC services and MCS's deep-rooted business network in Indonesia. The parties said the joint venture company will undertake various RE initiatives, including the development of solar PV systems, power plants, and build-own-operate-transfer RE projects, alongside offering consulting services for RE.
The joint venture company will be established with an authorised capital of IDR 10 billion (approximately RM 2.8 million). Samaiden will hold a 70% stake in the new entity, while MCS will own the remaining 30%. Samaiden's role will primarily focus on providing technical advisory services, leveraging its in-depth knowledge in solar PV systems and RE, while MCS will focus on identifying local business opportunities and navigating the regulatory landscape in Indonesia. The partnership is expected to strengthen Samaiden's presence in the growing Southeast Asian RE market.
