SGC eTEC, OCIM to co-work for green biz in Malaysia

South Korea’s SGC eTEC E&C Co. said on Thursday that it signed an agreement with OCIM, OCI Holdings Co. 's Malaysian subsidiary, to jointly work for new polysilicon-based eco-friendly businesses in Malaysia.

Under the agreement, SGC eTEC E&C will establish an engineering organization in Malaysia to enhance its design and technical capabilities.

SGC eTEC E&C's expertise in engineering, procurement, and construction (EPC) and OCIM's proficiency in local business operations would create a synergy effect, the two companies' source said.

OCIM has agreed to acquire 730,000 redeemable convertible preference shares (RCPS) from SGC eTec E&C worth 13.6 billion won ($10.2 million). RCPS is a preferred stock that can be redeemed or converted into common stock.

Write to Jin-Woo Park at jwp@hankyung.com