KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) has executed a term sheet with YL Global Ventures (YLGV) to start a new venture in the robotics solutions business.

       The parties will incorporate a joint venture company named KAB Robotic and Automation Solutions Sdn Bhd with a total initial equity capital of RM100,000, the company said in a statement. KAB will own a 70% equity stake in the joint venture while YLGV will own the remaining 30%.

       Via this partnership, KAB and YLGV will jointly explore business opportunities to establish and develop the first robotics hub in Malaysia by leveraging on YLGV’s sole distributorship rights with OTSAW Technology Pte Ltd and its proprietary robotics solutions.

       “This venture marks a strategic move by KAB as we continue to build a sustainable business by venturing into the robotics solutions business, as well as expanding our electrical and engineering business division," said KAB managing director Datuk Lai Keng Onn.