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Thursday, January 14, 2010

Minply signs MOU to develop project

KUALA LUMPUR: Minply Holdings (M) Bhd’s wholly-owned subsidiary Timberion Sdn Bhd has signed a memorandum of understanding with Elitprop Sdn Bhd to develop a housing project in Gemas, Negri Sembilan.

The project will have a a gross development value of RM192mil.

In a filing with Bursa Malaysia yesterday, Minply said the housing project comprised 1,586 single-storey terrace houses.

The development is expected to generate a profit of RM30mil over six years.

Minply said Timberion would undertake to submit the applications for the project and then construct and complete it at the company’s own cost and expense.

Under the sharing ratio, Timberion’s stake is 75% of all units developed and the remaining 25% will go to Elitprop.

By The Star

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