Prinsiptek to build properties in Laos via JV

KUALA LUMPUR: Prinsiptek Corporation Bhd has signed a joint-venture (JV) agreement with Khamphet Vongdala, a Laotian, to build three-storey shophouses on a piece of 30,000 sq metre land in Laos.

Prinsiptek said in a statement yesterday that it would incorporate a subsidiary company in Laos for the JV. Vongdala would also grant Prinsiptek the sole and absolute right to undertake the project, which would be completed within three years with a two-year extension option.

The agreement also states that Prinsiptek would be entitled to 93.5% of sale proceeds from the project while Vongdala would get 6.5% or a minimum total return of US$1.5 million or RM5.01 million.

By The EDGE