In a filing with Bursa Malaysia, Sapura Industrial (SIB) announced that its wholly owned subsidiary, SIB Ventures, has entered into a memorandum of understanding (MoU) with Zhejiang Zhongze Precision Technology to establish a manufacturing facility in Malaysia for the production and supply of battery components for commercial and industrial applications.

The MoU serves as the foundation for the proposed collaboration, under which the parties will work together to conduct feasibility studies on establishing the manufacturing plant. ''The proposed collaboration will be subject to the parties reaching an agreement on the business plan, followed by negotiations and the execution of a definitive agreement, which will outline the further terms, rights, and obligations of each party,'' the announcement stated.

The parties intend to finalise and execute the definitive agreement within 180 days from the date of the MoU, which was signed on 6th March 2025.

In November 2024, SIB announced its acquisition of Mili Tech (MTSB) as part of a joint venture to undertake the refurbishment and recycling of batteries used in electric and hybrid vehicles, as well as the servicing, repair, and maintenance of such vehicles.