Sunday 14 Jul 2024
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KUALA LUMPUR (Nov 14): JF Technology Bhd has entered into a joint venture agreement (JVA) with Shenzhen HFC Co Ltd to incorporate HFC Tech Sdn Bhd, a joint venture company in Malaysia to engage in activities that include the design and manufacture of electromagnetic interference (EMI) shielding materials, thermal interface and absorbing materials.

The agreement was inked between their respective wholly-owned subsidiaries, JF International Sdn Bhd (JFI) and HFC Industry HK Ltd (HFCI).

HFCI will be investing RM3.2 million in HFC Tech for 80% ownership, while JFI will contribute RM800,000 for the remaining 20% of the company's registered capital of RM4 million, comprising 4,000,000 ordinary shares. Funds invested will be used for operational needs.

In a statement on Tuesday, Main Market-listed JF Technology, which is a manufacturer of high-performance test contacting solutions for global integrated circuit (IC) makers, said that Shenzhen HFC specialises in integrated research and development (R&D), the manufacturing and sale of EMI shielding materials, thermal interface materials, wave-absorbing materials, and ferrite.

It presently caters to diverse industries and applications, such as artificial intelligence (AI), semiconductors, smartphones, electric vehicles (EVs), telecommunications, and electronics manufacturing services (EMS).

JF Technology managing director Datuk Foong Wei Kuong said that the company is excited to join forces with Shenzhen HFC to establish its first manufacturing facility outside of China and that both parties would be able to leverage each other’s expertise, capabilities, and network to further scale their businesses.

“The joint venture aligns seamlessly with our strategic objectives. For JF Technology, this is part of our JF 4.0 transformation to become a comprehensive one-stop solution provider.

“Simultaneously, for Shenzhen HFC, it serves as a vital component of their geographical expansion strategy. Additionally, one of the common values that we both share is the strong emphasis placed on R&D.

“Hence, this partnership holds the promise of catalysing innovation and fortifying our respective competitive advantages even further,” said Foong.

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