Azmi & Associates Facilitates Collaborations and Pioneering Shariah-Compliant Green Technology Ventures

We are thrilled to announce Azmi & Associates’ integral role in two groundbreaking ventures that have the potential to shape industries and contribute to sustainability. Our legal team has been at the forefront of these significant initiatives, underscoring our commitment to innovative legal solutions and impactful partnerships.


Azmi & Associates played a pivotal role in facilitating the collaboration between UMW Holdings Berhad (UMW) and Japan’s Toyota Industries Corporation (TICO). This collaboration aims to fortify and expand UMW’s Industrial Equipment business (IE business) across key regions, including Malaysia, Singapore, Vietnam, and China.

The formalization of this partnership occurred on October 6, 2023, marked by the signing of both the share sale and purchase agreement (SSPA) and shareholders agreement (SHA) between UMW Equipment Division Sdn. Bhd. (UEDSB), a wholly-owned subsidiary of UMW, and TICO.

This transaction involves the restructuring of the IE business, encompassing seven entities under UMW Toyota Material Handling Sdn. Bhd. (UTMH). Subsequently, 26% of UEDSB’s shares in UTMH were divested to TICO. UTMH serves as a direct subsidiary of UEDSB and acts as a special-purpose vehicle for this transaction.

In addition to the SSPA and SHA, we meticulously reviewed or drafted various commercial agreements, including a restructuring cum novation agreement, an agreement on the assignment of personnel, and a shared services agreement.

Our dedicated legal team overseeing UMW’s interests in this transaction was led by Partner Norhisham Abd Bahrin, with the support of Senior Associate Nur Sajati Asan Mohamed and Associates Nur Hashima Edhan and Annie Lee Ann Li.

We remain fully committed to working closely with UMW to ensure the successful completion of this transaction.



Azmi & Associates is proud to have played a significant role as legal counsel and advisor in a pioneering green fund initiative involving Ficus Group Capital Sdn Bhd (Ficus Group) and the Malaysian Green Technology and Climate Change Corporation.

Our esteemed Partner, Norhisham Abd Bahrin, led the legal advisory team, with valuable support from Associate Muhammad Nabil Abdul Razak, in facilitating the establishment of the world’s inaugural Shariah-compliant Green Technology Venture Capital Fund (Green Fund). This involved meticulous preparation of all legal documentation pertinent to the fund’s operations.

The Green Fund, unveiled on October 6, 2023, under the patronage of YB Dato Sri Huang Tiong Sii, Deputy Minister of Natural Resources, Environment, Climate Change Mitigation, and Green Lifestyle, made its debut at the prestigious International Greentech & Eco Products Exhibition & Conference Malaysia (iGEM 2023). With a substantial capitalization of RM1 billion, the Green Fund is strategically positioned to channel investments that resonate with the United Nations’ Sustainable Development Goals, while adhering to a framework of sustainability and responsibility delineated by the Securities Commission of Malaysia.

These milestone transactions underscore our commitment to facilitating innovative collaborations and initiatives that contribute to industry growth and sustainability. We invite you to explore our website for comprehensive information or reach out to our offices for any legal inquiries or services.

Azmi & Associates is dedicated to serving as your comprehensive corporate solution center for all your legal needs. We look forward to serving you in these transformative ventures.

Corporate Communications
Azmi & Associates

11 October 2023

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