NWP Holdings Bhd is venturing into the sand dredging business.
The group said that its unit – NWP Marine Sdn Bhd – has signed a joint venture (JV) agreement with OneOne Auro Marine Sdn Bhd (OOA Marine) to undertake contractor work to dredge , transport and load marine sand from the concession area onto mother vessel(s) for export purposes and/or to local reclamation site(s) for reclamation purposes.
OOA Marine, a unit of OneOne Auro Sdn Bhd, is the holder of the service contract for dredging marine sand from the concession area.
Under the JV agreement, NWP Marine will own a 51% stake in the JV with OOA Marine owning the remaining 49%.
The group said it has also proposed to diversify the existing business activities of NWP to include sand mining, trading and export of sand, and related business activities.
Besides that, it has also proposed a private placement of up to 10% of the total number of issued shares of the company.