KUALA LUMPUR: Sunsuria Builders Sdn Bhd (SBSB), a wholly owned subsidiary of Sunsuria Bhd (Sunsuria) has inked a milestone partnership with China’s Citic International Investment Ltd (Citic), a wholly owned subsidiary of Citic Construction Co Ltd.

According to statement, Sunsuria will be Citic Construction’s sole partner for all construction works in Malaysia. Under the agreement, Citic will hold a 51% stake in the JVCo with SBSB holding the remaining 49%.

Likewise, Sunsuria will reciprocate by granting the JVCo a right of first refusal to construction works projects not arising from the property development business carried out or undertaken by Sunsuria.

This partnership enables Sunsuria to leverage on the Chinese state-owned conglomerate’s strong financial strength and proven track record in construction to take on larger-scale projects.

The announcement follows Sunsuria’s recent acquisition of construction subsidiary Prosperspan Construction Sdn Bhd, now known as Sunsuria Asas Sdn Bhd (SASB).

Both moves reflect Sunsuria’s ambitions to enhance its capabilities and margins for construction-related businesses.

“This partnership reflects our relentless pursuit for greater business expansion and sound financial growth.

“In Citic Construction, we have found a business partner who not only shares our commitment towards integrity and reliability in business, but one that boasts of vast experience and technical expertise, financial strength, and a strong support network,” said Sunsuria executive chairman Datuk Ter Leong Yap.

Citic Construction chairman Chen Xiaojia said Malaysia is recognized globally as a very high-potential market and plays an important role in China's One Belt One Road initiative.

“We believe that this joint venture will enable both parties to maximise our strengths towards great achievements and contribute significantly to Malaysia's economic transformation,” added Chen.

Citic Construction is a wholly owned subsidiary of Citic Limited, A Fortune Global 500 company with assets totaling RM3.99 trillion.

It is one of the top 250 global contractors by international engineering and construction publication Engineering News Record.

Among Citic Construction’s major projects include China’s iconic National Olympic Stadium (The Bird’s Nest), Royal Albert Dock project in the UK, Algeria’s East-to-West Expressway, Brazil Caniota Thermal Power Plant, Myanmar Multifunctional Diesel Engine Plant, Belarus Cement Production Lines, Uzbekistan Potash Fertiliser Plant and large-scale housing projects in Africa and Venezuela.