KUALA LUMPUR: Syn Tai Hung Trading Sdn Bhd has entered into a joint venture (JV) and shareholder’s agreement with Lesso Home Service Holdings Ltd to set up a company named Lesso Home Syn Tai Hung Sdn Bhd.
Syn Tai Hung is an indirect wholly owned subsidiary of Wah Seong Corporation Bhd (WSC) while Lesso Home is an indirect wholly-owned subsidiary of China Lesso Group Holdings Ltd.
In a statement yesterday, WSC said the newly formed company would operate an integrated sale and service centre for the procurement of quality building materials, architectural products and home furnishing goods primarily from China and facilitated by the Lesso Home e-commerce platform.
WSC Group chief executive officer/managing director Chan Cheu Leong said the joint venture would leverage on the strength of both companies and would see greater economies of scale and cross sharing of skills and technology.
“It will enable us to introduce quality products at competitive pricing and provide good after-sales support to the market,” he said.
Chan said the new joint venture would benefit from the investment and development plans that have been announced by the government last year particularly with the Chinese Inc.
“It is very much in line with the One Belt One Road initiative of China,” he added. — Bernama