KUALA LUMPUR (July 1): Warisan TC Holdings Bhd has inked a joint venture (JV) agreement with nine individuals for the establishment of a travel and tourism business in Thailand.

In a filing with Bursa Malaysia today, the travel services provider said the JV is part of its regional expansion plan to establish a travel and tourism entity in Bangkok, Thailand, to provide a range of services including corporate ticketing, inbound, outbound and corporate incentive.

"The group is optimistic on the prospect of the tourism industry in Thailand and broaden its presence in the regional market," it added.

Warisan TC, through its subsidiaries, distributes cosmetics, undergarments, heavy equipment and machinery, and telecommunication equipment. It also provides personal care and beauty salon services, equipment leasing, travel, car rental, and air ticketing services.

The nine individuals with whom Warisan TC entered into the JV agreement are Teerada Ambhanwong, Piranart Chokwatana, Thamarat Chokwatana, Panitarn Pavarolavidya, Pravara Ekaraphanich, Pipope Chokvathana, Chailada Tantivejakul, Wiboon Lamkoon and Amornrat Teerawattananun.

Warisan TC expects the JV to produce reasonable returns in the long term.

The stock surged 16 sen or 7.48% to close at RM2.30, for a market value of RM149.73 million.