By Andy Heong
JAG Bhd’s wholly-owned unit Jaring Metal Industries Sdn Bhd (JMI) has signed a joint venture agreement with Bubblelab Laundry Sdn Bhd and businessman Wong Chan Kok to jointly undertake the management and operation of 24-hour coin-operated laundry business.
In a filing to Bursa Malaysia today, JAG said the business will be in accordance with the system developed by Bubblelab Laundry.
It said JMI would advance RM4 million to its wholly-owned unit JAG Nasmech Sdn Bhd for the purpose of development of the business and to open not less than 10 self-operated laundry outlets.
“The proposed joint-venture will enable JAG and its units to venture into the self-operated laundry business wherein the business is expected to provide an additional source of income and contribute positively to the future financial performance of the company,” it said.
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