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Friday, August 29, 2008

BLand signs pact to develop golf resort in Libya

KUALA LUMPUR: Berjaya Land Bhd (BLand) has entered into a memorandum of agreement with Libya’s Economic and Social Development Fund (ESDF) and the OYIA company to develop an integrated golf resort cum residential and commercial development in Libya.

The proposed project would be developed in phases with the Libyan government agreeing to bear the infrastructure costs, BLand said in a filing with Bursa Malaysia yesterday.

BLand would prepare the master plan for the project and with the assistance of the ESDF and OYIA, submit it to the relevant Libyan authorities for approval.

“The total estimated development costs for the project is to be determined upon completion of the feasibility study of the master plan.

“It is expected to be funded from internally generated funds and/or borrowings of the BLand group, the actually composition of which will be determined at a later stage,” BLand said.

By Bernama

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