Nov 24, 2016 - and CeTeau Malaysia Sdn Bhd (121529-M) (âCeTeauâ) have executed a ... The principal objective of this
PRESS RELEASE Glenmarie, Shah Alam, 24 November 2016 BENALEC AND CETEAU FORM A JOINT VENTURE COMPANY Benalec Sdn Bhd (“BSB”), a wholly-owned subsidiary of Benalec Holdings Berhad (“Benalec”), and CeTeau Malaysia Sdn Bhd (121529-M) (“CeTeau”) have executed a shareholders agreement (“SHA”) to establish a joint venture (“JV”) known as Benalec CeTeau Asia Sdn Bhd. The principal objective of this JV is to provide world-class soil improvement solutions using specialised geosynthetics engineering techniques. This includes the supply and installation of prefabricated vertical drain (“PVD”). The PVD method is primarily applied to shorten the settlement period of soft, compressible clay/soil which will in turn reduce the construction period of a project and reduce post-construction settlement. As such a strong foundation, ready for construction, would be achieved and this is essential for all of Benalec’s land reclamation projects. By combining the strength of both companies, the JV will have a combination of expertise where Benalec provides an integrated marine construction solutions in the areas of land reclamation and coastal protection along with CeTeau’s specialist capabilities in the areas of advanced ground improvement technologies and specialized geosynthetic environmental techniques. Benalec is the majority shareholder of the JV with a 51% equity stake while CeTeau will hold a 49% equity stake in the JV. The JV will acquire from CeTeau BV a large number of PVD machines which are fully developed and built in accordance to the latest standards in The Netherlands to install PVD at high speed and efficiency to depths up to 50. The first PVD machine is currently en-route from the Netherlands and will be delivered to Benalec’s Tanjung Piai Maritime Industrial Park (“TPMIP”) project site by the end of November 2016 in order to commence installation of an estimated 200 million linear meters of PVD. Benalec’s Group Managing Director, Dato’ Vincent Leaw Seng Hai said, “we are honoured to be going into a partnership with CeTeau, one of the world’s largest producers as well as specialised contractor in the field of PVD. CeTeau has a proven and excellent track record in the geosynthetics engineering services industry which spans over 30 years whilst maintaining the highest performance in safety, quality and professional ethics. Together, equipped with the expertise and proven track record of both Benalec and CeTeau, the JV aspires to become a major player in the soil improvement solutions industry within the Asian region.” Mr Kenneth Chin, Executive Director of Benalec said, “Benalec’s two (2) flagship industrial park projects in southern Johor, TPMIP and Pengerang Maritime Industrial Park (“PMIP”) will involve the reclamation of over 5,000 acres of sea fronting land and will require the installation of PVD as the ground improvement method. With this JV, Benalec will derive cost benefits from our own soil improvement requirements; while at the same time generate new revenue streams by vertically integrating other synergistic business areas which are within our core competencies. To begin with, the PVD machines for the use of this JV will be deployed immediately to Benalec’s TPMIP project. Moving forward, the JV aims to offer its services to other large land reclamation projects that are ongoing around peninsular Malaysia, particularly in Johor, Penang, Melaka and Kuantan.” Mr Tijl Pieter de Zwart, Managing Director of CeTeau BV said, “we are proud to step in this cooperation with Benalec, as an experienced and fast growing company which has overcame challenges of other international dredging companies by independently reclaiming huge islands along the coast of Malaysia. Benalec as a Malaysian market leader in marine construction
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particularly in the areas of land reclamation and coastal protection works, naturally integrates with our expertise in soft soil treatment and related products. Asia is a very important region to the CeTeau group as the area is experiencing rapid growth and development. By going into a partnership with Benalec, CeTeau will further strengthen its presence in Asia and Malaysia in particular. Leveraging on Benalec’s significant existing projects in hand, the JV will be immediately start operation on a large scale while at the same time the JV aims to bid for more jobs within the region. This will allow CeTeau to deploy more equipment and further drive demand for its products and services within the Asian region.” - END OF PRESS RELEASE -
For further information on Benalec, please visit www.benalec.com.my or contact: Lewin Tan Head of Business Development & Investor Relations Tel : (603) 5569 7366 Email:
[email protected] About Benalec Benalec Group is a fully integrated marine construction solutions provider with its own fleet of modern vessels and offices located in Shah Alam, Melaka, Johor and Singapore. The principal activity of the Group is in the provisioning of marine construction services with expertise primarily in land reclamation, dredging and beach nourishment, coastal and shore protection works, prebore and marine piling, as well as construction of marine structures. In addition, the Group also provides supporting ancillary services to its principal activity such as vessel chartering, marine vessel support services, ship repair, maintenance, fabrication, refurbishment and civil engineering works. For further information on CeTeau, please visit www.ceteau.com or contact: Hari Director – Business Development Tel : (603) 2035 5561 Email:
[email protected] About CeTeau CeTeau Holding BV is based in The Netherlands, specialising in advanced ground improvement technologies and specialised geosynthetic environmental techniques. CeTeau Holdings BV consists of a group of companies located throughout the world with a history in geosynthetic manufacturing trading and construction since 1975. Its offices and manufacturing plants are located in The Netherlands, Malaysia, Mexico, United Kingdom and Thailand. CeTeau’s core business is the manufacturing and installation of prefabricated vertical drains (“PVD”), and is one of the world’s largest producer as well as specialised contractor in the field of PVD business. CeTeau’s strength lies with the in-house development and manufacturing of the installation rigs and PVD production lines fully designed and built in The Netherlands.
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