KUALA LUMPUR (June 17): Green Ocean Corp Bhd is partnering NSN Global Resources Sdn Bhd to purchase and handle coal cargo for Lumut Maritime Terminal Sdn Bhd.

In a filing with Bursa Malaysia today, Green Ocean said its wholly-owned subsidiary Ace Green Energy Sdn Bhd had today entered into a joint venture (JV) agreement with NSN Global to form a JV company called NSN-Ace Joint Venture Sdn Bhd, which will provide support for each other to secure contracts related to purchase and handling of coal and any other materials locally and/or overseas.

Ace Green will hold a 51% stake in the JV, while NSN Global will own the remaining 49% equity interest.

This follows a terminal services agreement signed yesterday between NSN Global and Lumut Maritime Terminal to handle coal cargo, provide land, space for warehousing or transhipment and other services. NSN Global specialises in commodity trading, training, education consultation and manpower.

Green Ocean said the two parties have secured and/or in negotiation with various parties locally and overseas to purchase coal and selling the same with profit.

"The JV will strengthen the company’s core competencies in the energy based industry. The JV is expected to diversify the business portfolio and income stream to company’s group of business in the long run," it added.

Green Ocean also said the financial commitment of the JV will be funded through internal funds.

Green Ocean shares closed unchanged at 8.5 sen today, with 2.03 million shares done, bringing a market capitalisation of RM24.63 million.