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

       It said in a Tuesday statement that 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.

       KAB will own a 70% equity stake in the JV 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 by providing value-added services, such as installing the ‘AirGuard’ robotics solutions into our HVAC systems.

       "We are, therefore, confident that this JV will augur well for the Group and will create a new recurring income stream for KAB in the near future, via the leasing programme that will be introduced to our potential customers in due course," said KAB managing director Datuk Lai Keng Onn.