Mah Sing said its wholly owned subsidiaries Nova Legend Development Sdn Bhd (MS1) and Jastamax Sdn Bhd (MS2) had entered into a shareholders’ agreement with TSSC to set up Mah Sing South Sea Industrial Development Sdn Bhd.

In its filing with Bursa Malaysia today, it said MS1 and MS2 will hold 50% and 20% equity interest respectively, while TSSC, which mostly engages in holding company activities, will have a 30% share.

TSSC director Sun Jianwei, the executive president of the Malaysia JiangSu Entrepreneurs Business Association, has experience in a variety of industrial environments, ranging from manufacturing to technology and services.

“This joint venture allows Mah Sing to capitalise on the surge in foreign direct investment (FDI) in Malaysia, and opens up more opportunities to grow our industrial development portfolio,” it said.

Mah Sing has completed five industrial parks, including the Mah Sing Integrated Industrial Park in Mutiara Subang, the iParc in Bukit Jelutong, the iParc 2 in Shah Alam, the iParc 3 in Bukit Jelutong, all in Selangor, and the Mah Sing iParc at the Port of Tanjung Pelepas in Johor.

In 2022, Malaysia’s approved investments amounted to RM264.6 billion, where FDI accounted for RM163.3 billion or 61.7% of the total approved investments.

China was the leading contributor to foreign investments, with RM55.4 billion worth of investments in Malaysia.