KUALA LUMPUR (Dec 27): Ekovest Bhd is teaming up with Zhejiang Communications Investment Group Co Ltd (CICO), the largest state-owned enterprise established by the Zhejiang provincial government in China, for the joint exploration and development of infrastructure and other projects in Malaysia.

Ekovest said the two groups will participate in infrastructure concession assets, large-scale infrastructure projects, food security and trading initiatives, retailing ventures and transit-oriented development (TOD) projects.

"The TOD projects are particularly notable for their focus on creating integrated mixed-use communities centred around high-quality transportation systems, reflecting a modern approach to urban development," the group added in a statement. 

Ekovest signed the one-year collaboration agreement with CICO's wholly-owned overseas subsidiary, Universal Cosmos Co Ltd, on Wednesday.

“Our collaboration with CICO opens a new chapter in our journey towards infrastructural innovation. CICO’s global reputation and vast experience in transport infrastructure, spanning thousands of kilometres of expressways and railways, make them an invaluable partner in our quest to diversify our project portfolio and enhance Malaysia’s infrastructure capabilities,” said Ekovest.

“The partnership is structured to ensure balanced participation, shared funding responsibilities, and equitable leadership rights for both parties,” the group added, but gave no further details.

Shares in Ekovest finished 0.5 sen or 1.01% lower at 49 sen, giving the group a market capitalisation of RM1.45 billion. Year to date, the stock has risen by 40%.