DNP Holdings Bhd yesterday formed a joint venture with its Hongkong-listed sister company USI Holdings Ltd to buy a condominium project situated in the golden triangle of Kuala Lumpur for RM207 million cash.
DNP and USI will each hold 50% of the JV entity, Kuality Gold Sdn Bhd, which will acquire a 43 storey-115 unit condominium project together with the accompanying 115 car-parking bays en bloc basis, for RM207 million.
DNP and USI share a common major shareholder in Wing Tai Holdings Ltd, which owns 55.26% of DNP and 33.63% of USI.
Upon the completion of the project, Kuality Gold will operate the condominiums as service apartments for recurring income.
By The EDGE Malaysia (by Siow Chen Ming )
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