Prestariang forms JV to provide talent sourcing services for O&G sector

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KUALA LUMPUR (Dec 31): ICT training and certification services provider Prestariang Bhd has entered into a joint venture (JV) agreement with MIE Corporate Holdings Sdn Bhd (MIEC) to form a joint venture company known as Prestariang O&G Sdn Bhd.

The agreement was signed further to the memorandum of understanding entered between the two parties on Nov 3.

According to its filing with Bursa Malaysia, Prestariang will hold a 51% equity interest in the JV, with MIEC holding the remaining 49% stake.

Prestariang O&G will be involved in the provision of sourcing, acquisition, training, placement, outsourcing and management services of qualified foreign and local workers for the oil and gas (O&G) industry in general, giving particular focus to the Refinery and Petrochemical Integrated Development project in Pengerang, Johor.

The joint venture company will also offer international and industry recognised certified training programmes.

“The joint venture is not expected to have any major financial impact for the financial year ending Dec 31, 2014, but is expected to contribute positively to the future earnings of the company,” said Prestariang.

Prestariang fell 6 sen or 4% to RM1.44 today, giving it a market capitalisation of RM696.96 million.