Ekovest in ground-breaking partnership with Fortune 500 CICO for infrastructure advancement in Malaysia

INFRASTRUCTURE and construction-based Ekovest Bhd has unveiled a strategic collaboration with Universal Cosmos Co Ltd – a wholly owned subsidiary of Zhejiang Communications Investment Group Co Ltd (CICO) which is ranked 310 among the Fortune 500 companies.

This partnership marks a significant step in enhancing Malaysia’s infrastructure and economic development.

The collaboration, which brings together Ekovest’s local expertise and CICO’s global experience encompasses a wide array of projects.

They include participation of infrastructure concession assets, large-scale infrastructure projects, food security & trading initiatives, retailing ventures, and transit-oriented development (TOD) projects, among others.

The TOD projects are particularly notable for their focus in creating integrated mixed-use communities centred around high-quality transportation systems that reflect a modern approach to urban development.

“Our collaboration with CICO opens a new chapter in our journey towards infrastructural innovation,” Ekovest stated in a media statement.

“CICO’s global reputation and vast experience in transport infrastructure, spanning thousands of kilometres of expressways and railways, make them an invaluable partner in our quest to diversify our project portfolio as well as enhancing Malaysia’s infrastructural capabilities.”

Established in 2001 by the Zhejiang Provincial Government, CICO has evolved into a global powerhouse in infrastructure development.

As the largest state-owned enterprise in this sector in China, CICO brings unparalleled expertise and resources to this venture. Its involvement in over 3,420km of expressway developments and 2,325km of railway projects globally positions CICO as a critical ally in driving forward Malaysia’s infrastructure goals.

“This alliance exemplifies our relentless pursuit of innovation and excellence. Together, we will launch projects with a profound impact on Malaysia’s economic landscape,” added Ekovest.

Moving forward, the strategic agreement will focus on joint exploration and development of new projects across various sectors.

The ensuing collaboration aims to leverage the distinct strengths of Ekovest and CICO to realise projects that offer substantial commercial and economic benefits. The partnership is structured to ensure balanced participation, shared funding responsibilities and equitable leadership rights for both parties.

At the close of today’s trading, Ekovest was down 0.5 sen or 1.01% to 49 sen with 11.1 million shares traded, thus valuing them company at RM1.45 bil. – Dec 27, 2023

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