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Thursday, June 4, 2009

DutaLand in MoU to jointly develop land in China, Iskandar region

KUALA LUMPUR: DutaLand Bhd has entered into a memorandum of understanding (MoU) with China-Boda Group to jointly develop two separate pieces of land in Hebei Province, China and in the Iskandar Development Region.

In a filing to Bursa Malaysia on June 4, DutaLand said the development of the 151.5ha piece of land in China would be developed over two phases.

"Phase 1 consists of a mixed development project with a total estimated gross development value of 6 billion yuan (RM3.1 billion)," it said.

The land in the Iskandar Region is located at Mukim Plentong, Johor Baharu and measures 15.25ha, it said.

DutaLand said the proposed joint venture would be carried out through the formation of two JV companies incorporated in China and Malaysia, respectively.

It said the company incorporated in China would have a proposed paid-up capital of 100 million yuan on an equity basis of 30:70 between DutaLand and Boda Group respectively.

The Malaysian company shall have a proposed paid-up capital of RM50 million with an equity participation of 70:30 between DutaLand and Boda Group, it said.

DutaLand and Boda Group are expected to sign a formal joint venture agreement within six months from the date of the MoU, it said.

By The EDGE Malaysia (by Surin Murugiah)

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