KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) and POSCO E&C Co Ltd signed a Memorandum of Understanding (MoU) for mutual cooperation on projects relating to engineering, construction and development.
The MoU was signed at the Berjaya Times Square Hotel in Kuala Lumpur on Wednesday, July 13.
Under the MoU, both companies will share expertise and resources in exploring possible opportunities for joint collaboration in property development and infrastructure construction, as well as new business areas such as renewable energy and petrochemical plants.
BCorp chairman Tan Sri Vincent Tan said that POSCO E&C shares a "common vision [with BCorp], and our prospective business collaboration will be able to achieve this vision in the future and provide a win-win situation for both companies".
Tan said that he was confident the diverse yet specialised capabilities of POSCO E&C will synergise well with Berjaya's own strengths and expertise, adding that POSCO E&C is already in partnership with BCorp subsidiary Berjaya Land Bhd (BLand), as the main contractor for the first phase of BLand's Berjaya Jeju Resort in South Korea
The Korean firm is expected to be a shareholder in the resort, which is slated for completion in 2015, Tan said.
"As a strategic partner, POSCO E&C will provide substantive cooperation and support to Berjaya Corporation with regards to the property development business both domestic and abroad, as well as for future business ventures," said POSCO E&C president and CEO Chung Dong Hwa.
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