Kuala lumpur: Bina Puri Holdings Bhd has entered into a memorandum of understanding (MoU) with South Korea's Hanil Electric Co Ltd to establish a US$50 million (RM220 million) manufacturing plant in Sarawak. This collaboration positions Bina Puri as a potential engineering, procurement, construction, and commissioning (EPCC) contractor for the project.

According to BERNAMA News Agency, the MoU outlines that Hanil will inform Bina Puri of relevant developments during the planning and development stages and offer priority in the EPCC tender and negotiation processes. Additionally, Bina Puri will serve as Hanil's exclusive representative for promoting and distributing its products in Malaysia and potentially expanding into other Southeast Asian markets.

The statement further reveals that Bina Puri plans to integrate Hanil's technology and products into its current and future projects to ensure compliance with modern building standards. This initiative aligns with Bina Puri's strategic goals following the appointment of a new management team in April.

Marcus Goh Kee Lun, Bina Puri's executive director and group CEO, expressed optimism about the partnership, highlighting its significance as the company's inaugural major initiative under new leadership. Goh emphasized the group's readiness to explore new opportunities and its commitment to restoring financial health and boosting shareholder value.

Hanil CEO Kang Jae Sung shared enthusiasm for the collaboration, citing it as an opportunity to enhance the company's market presence in Malaysia and throughout the region. The partnership with Bina Puri marks a strategic move for Hanil as it seeks to expand its footprint in Southeast Asia.

For the financial year ending June 30, 2025, Bina Puri reported a net profit of RM2.65 million, a turnaround from a RM15 million loss in the previous year, with a 66 percent increase in revenue to RM278.8 million.