KUALA LUMPUR (Aug 1): Trive Property Group Bhd has clarified in a Bursa Malaysia filing today that it had aborted its joint venture (JV) agreement for a solar panel project due to US safeguard tariffs on imports of solar cells and modules from Malaysia.

Yesterday, Trive announced that its JV agreement with China-based Jiangxi Fujing New Energy Technology Co Ltd (JFNET) dated Nov 10, 2017, to undertake research and development, assembly and production, as well as distribution and marketing of photovoltaic products such as solar cells, solar panels or solar modules, has been mutually terminated with immediate effect.

Under the collaboration, both Trive and JFNET were to incorporate a JV company to be known as Daima Fujing New Energy Technology Sdn Bhd.

The JV was intended to provide Trive with an opportunity to develop its solar business, which was expected to provide an additional source of earnings, while improving its financial performance.

At 3.12pm, shares of Trive were unchanged at 1.5 sen with a market capitalisation of RM35.19 million.

See also:
Trive Property aborts solar JV with Chinese firm
Trive, China co plan solar energy JV