KUALA LUMPUR (June 11): Sunsuria Bhd has entered into a shareholders agreement with IAT Automobile Technology Co Ltd to establish a private company limited by shares in Malaysia as a special purpose vehicle (SPV).

In a filing with Bursa Malaysia today, Sunsuria said through the joint venture agreement, the company and IAT shall undertake and engage in the automobile related business and/or other related businesses.

“The parties have agreed to regulate their relationship as shareholders of the SPV as set out in the agreement and have agreed that their respective rights and obligations as shareholders shall be governed by the terms and conditions of the agreement and the constitution of the SPV,” it said.

Sunsuria said the joint venture is part of the group’s pursuit to enhance the value chain and vibrancy of its development project, such as Sunsuria City located at Sepang, Selangor.

The group also aims to promote the development to be a global commercial hub for multinational corporations, as their ASEAN Automotive Design and Innovation Centre is planned to be located at Sunsuria City.