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Wednesday, February 9, 2011

Astral units plan mixed development

Astral Asia Bhd's units, Syarikat Ladang LKPP Sdn Bhd and Tasja Development Sdn Bhd, had signed a joint venture agreement to develop land in Pahang into a mixed property development.

In a filing to Bursa Malaysia today, Astral said the 599.41-hectare leasehold project would comprise a commercial centre, an industrial centre, a mixed residential designs, public amenities and infrastructure.

It said the proposed development was subjected to the shareholders' approval at an extraordinary general meeting to be convened.

Astral said the project incorporated a high-tech park to be named -- Kuantan Hi-Tech Park.

It said upon the implementation of the proposed joint venture, the business of Astral would be diversified to include property development.

"The proposed joint venture and proposed diversification are expected to contribute positively to the earnings of Astral in the future financial years," it said.

Astral is principally engaged in the cultivation of oil palm, civil engineering and construction works and property development.

By Bernama

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