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Thursday, January 31, 2008

MRCB in JV to buy land

KUALA LUMPUR: Malaysian Resources Corp Bhd has entered into an agreement with Quill Sentral Sdn Bhd and Kuwait Finance House (M) Bhd to set up a joint venture company to acquire a 7,503 sq m piece of land in the capital from Kuala Lumpur Sentral Sdn Bhd for RM133mil cash.

In a filing with Bursa Malaysia yesterday, MRCB said the freehold land had been approved by City Hall for commercial development with total gross floor area of 1.4 million sq ft. The construction of the office towers is expected to commence this year over a development period of four years.

MRCB will hold 44.5% stake in the joint venture company, Cosy Bonanza Sdn Bhd, Quill 37.5% and KFH the balance 18%. MRCB expected the joint venture to contribute positively towards its future earnings and profit.

By The Star

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