KUALA LUMPUR (Aug 6): Saliran Group Bhd (KL:SALIRAN), which was listed on the ACE Market in March,  inked a memorandum of understanding (MOU) on Wednesday with China-based Maoming Port Group Co Ltd and Malaysia’s PCA Group Sdn Bhd to establish a framework for cooperation in the oil and gas (O&G) sector.

The MOU, valid for one year, aims to explore, develop, and promote initiatives that will enhance the group’s technical capabilities, broaden its supply-chain integration, and expand its reach into international markets, said Saliran in a filing with Bursa Malaysia.

Saliran is a supplier of pipes, fittings, flanges, related parts and accessories, and steel products primarily serving O&G customers.

The MOU sets out two key areas of collaboration, namely cross-border technical exchange such as talent exchange and training programmes; and industrial cooperation through leveraging each party’s supply-chain networks to promote integration of upstream and downstream O&G segments.

Maoming Port is principally involved in the businesses of port logistics, supply-chain trading, petrochemical engineering, construction, and consulting services. Meanwhile PCA is an industrial engineering company which provides end-to-end solutions to the customers in the O&G, food and beverage and tele-communication industries.

Shares in Saliran closed half a sen or 2.38% higher at 21.5 sen on Wednesday, valuing the group at RM80.45 million. The stock remains about 20% below its initial public offering price of 27 sen since listing in March.