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QES Unit Sells Stake in US JV for MYR1 Million, Exits Venture

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QES Group (KLSE:QES) unit QES Manufacturing disposed of its 30% stake in its joint venture, Applied Engineering Technology (M), for 1.1 million ringgit in cash.

QES Manufacturing and US-based Applied Engineering Technology formed a joint venture for electromechanical contract manufacturing, dubbed Applied Engineering Technology (M). QES Manufacturing held 30% stake, and Applied Engineering Technology owned 70% of the venture.

The company said the disposal will allow the group to focus on its existing businesses, as Applied Engineering Technology (M) has been loss-making since 2021.

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