Global innovative, high-tech infrastructure & financial services company, General Electric (GE) and diversified Malaysian conglomerate, NAZA Group of Companies (NAZA), to explore collaboration in multiple business sectors.
KUALA LUMPUR, MALAYSIA -- May 6, 2011 -- GE (NYSE:GE) and NAZA today signed a Memorandum of Understanding (MoU) to explore common initiatives of strategic interest between the two companies. The MoU was signed by CEO of GE ASEAN, Stuart Dean and Group Corporate Affairs Director, NAZA Group of Companies, En Zakaria Ismail, in a bid to explore potential collaboration in three areas; opportunities in the electric vehicle (EV) sector, the implementation of sustainable property development and opportunities in the healthcare services sector.
Also present at the ceremony was John G. Rice, Vice Chairman of GE, President and CEO of GE Global Growth and Operations, as well as En Hamid Ismail, Special Projects Director, NAZA Group of Companies.
Commenting on the signing, Stuart Dean expressed that he expects strong synergies to result from the collaboration that will be an important catalyst of sustainable growth in many of the key sectors identified in Malaysia's Economic Transformation Plan (ETP).
Says Stuart Dean, "GE is excited at the prospect of working together with a diversified Malaysian conglomerate like NAZA. There are many parallels in our businesses that provide opportunities to deploy new technology and innovation to the market, while supporting the delivery of the country's national imperatives. For example, EVs are set to revolutionize the automotive industry worldwide, and locally we will tap into NAZA's breadth of experience and penetration in the local auto industry.
This collaboration is a mark of our commitment towards supporting the government's aspirations to promote efficient green solutions."
In this area, GE and NAZA will endeavor to create a platform that combines their expertise to support the development of EV in the country, across the spectrum from infrastructure to technology applications. The collaboration will entail lobbying and education to raise public and government awareness, while engaging in further opportunities such as utilizing GE battery technologies in NAZA's electric vehicle manufacturing line, and running electric vehicle pilot tests in several cities across Malaysia.
The GE -- NAZA MoU will also explore the development and implementation of sustainable energy solutions in NAZA's thriving property development business. The collaboration will see NAZA leveraging on GE's ECOMAGINATION™ line of products and cutting-edge technologies, in creating environmental solutions for their property development projects.
The MOU will also explore opportunities to collaborate on NAZA's planned entry into the healthcare services sector including healthcare systems, hospital and medical supplies utilizing GE Healthcare technology, under GE's vendor development program.
NAZA Group of Companies Joint Group Executive Chairman Datuk Wira SM Faisal Tan Sri SM Nasimuddin said he was very excited at the possibility of forming a business partnership with GE.
"At NAZA, we have a diversified portfolio of products and services that we can offer. Together with GE, I believe we can achieve greater heights with this smart partnership," said Datuk Wira SM Faisal.
He added that this collaboration was a recognition given to NAZA for its countless contribution to the development of the corporate world, including that of the country.
This will also be GE Malaysia's first ever partnership with the multi-industry Malaysian conglomerate. GE had previously announced signings with top public and private companies from a diverse range of industries. Some more notable partnerships include PETRONAS, TNB, Malaysia Airlines, Air Asia, and Sapura.
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About GE :
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
About GE ecomagination :
GE is driving a global energy transformation with a focus on innovation and R&D investment to accelerate the development and deployment of clean energy technology. Since its inception in 2005, more than 90 ecomagination-approved products have been brought to market with revenues reaching $18 billion in 2009. With $5 billion invested in R&D its first five years, GE committed to doubling its ecomagination investment and collaborate with partners to accelerate a new era of energy innovation. The company will invest $10 billion in R&D over five years and double operational energy efficiency while reducing greenhouse gas emissions and water consumption. As part of the initiative, GE launched "GE ecomagination Challenge: Powering the Grid", a $200 million financial commitment challenging innovators to join in building the next-generation power grid. For more information, visit the ecomagination website at http://www.ecomagination.com .
About NAZA Group of Companies :
NAZA Group of Companies began its humble beginnings from a used and reconditioned car trader under NAZA Motor Trading in 1975 founded by the late Tan Sri Dato' Seri SM Nasimuddin SM Amin.
The Group has evolved into a diversified conglomerate venturing in "Multiple Automotive Sectors" such as retailing, importing, distribution and dealership for international marques such as Ferrari, Maserati, Mercedes-Benz, Brabus, Porsche, Mazda and Perodua to reputable motorcycle brands such Harley Davidson, Ducati and other superbikes, the assembly and manufacturing of NAZA's own bikes for the local and regional markets, and the establishment of NAZA Auto Mall being Malaysia's premier 'One-stop-centre' Lifestyle Automotive Mall displaying a variety of cars' and motorbikes' selection as the 'Largest Motor showroom' in Malaysia. Recently, its Ferrari and Maserati showroom was also recognized as the 'Largest Supercar showroom' in Malaysia, an award certified by the Malaysia Book of Records.
Latching on the success of its automobile businesses, it has since expanded into a variety of prominent "non-automotive sectors" which includes property management, finance, insurance, manufacturing, limousine, transportation, logistics, merchandise management, agriculture and plantations. One of its most recent developments is the 50-storey, 9.1 acres freehold NAZA Tower at NAZA TTDI Platinum Park in Kuala Lumpur, a RM3.5 billon property development bordering KLCC Park.
Today, a part of NAZA Group is headed by Datuk Wira SM Faisal Tan Sri Dato' Seri SM Nasimuddin, the Group's Joint Executive Chairman of 43 companies covering 8 sectors within the Group.
For more information, contact:
Zatalini Zulkiply
PR and Communications Executive
GE Corporate
+603 2267 1892
[email protected]
T. Yogendra
Corporate Communications Manager
NAZA Group of Companies
+603 7953 2888
[email protected]
Corporate Communications
[email protected]
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