Posted on 23 May 2016
SPNB Inks MoU With South Korea Steel Maker
Syarikat Perumahan Negara Bhd (SPNB), via its subsidiary SPNB Edar Sdn Bhd, has signed a memorandum of understanding (MoU) with Dongkuk Steel Mill Co Ltd, one of the largest steel makers in South Korea.
The MoU gives SPNB Edar exclusive rights to distribute Dongkuk's steel to SPNB projects and the domestic market.
In a statement today, SPNB said the MoU, signed at the Dongkuk mill in Busan, South Korea, is a strategic move by SPNB to ensure it remains competitive and at a high level in the provision of affordable and quality housing.
"It is hoped the MoU would prevent SPNB from being exposed to the volatility in the local steel market and enhance SPNB's ability to fulfil the government's agenda of providing housing to the people of Malaysia," it said.
The MoU is in line with the Look East Policy 2.0 and Prime Minister Datuk Seri Najib Tun Razak's wish, expressed during his visit to South Korea on Dec 9, 2014, for greater bilateral trade and investment between both countries, it added.
