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Thursday, December 15, 2011

I-Bhd praised for roping in China investor

SHAH ALAM: The Selangor state government has applauded I-Bhd for successfully roping in a China company to invest in Selangor.

Mentri Besar Tan Sri Khalid Ibrahim said the state was very supportive of any investment into Selangor and would help to facilitate the investment between I-Bhd and Everbright International Construction Engineering Corp (EICEC) from China.

Both companies had on early this week inked an agreement to co-develop the remaining 30 acres in i-City, Shah Alam.

“The cooperation augurs well for the development of i-City and also to the people in Selangor,” he said during a briefing by I-Bhd regarding the cooperation with its Chinese counterpart yesterday. The briefing was carried out by group chief executive officer Datuk Eu Hong Chew.

Khalid was hoping to see more investment coming into the state and said that this year, about RM1.5bil worth of investments were recorded for the state.

The cooperation between the two companies would see Everbright holding a 70% stake in the deal while the remaining would be held by I-Bhd.

Under the agreement, Everbright would finance the entire construction and lead a consortium of China-based companies to set up operations in i-City, while I-Bhd would be responsible for providing the land, as well as ensuring that the subsequent development would continue to be certified as an MSC Malaysia Cybercentre and a tourism destination.

Everbright chairman and chief executive officer Zhang Huaipu said during the briefing that Everbright was seeking more investment opportunities in Malaysia and also would help to attract more Chinese companies to invest in Selangor.

He also said the group would help to woo more Chinese tourists to i-City.

The mix development on the 30 acre site would be undertaken in two phases, involving 14 acres of land taken up for the initial phase and the balance in the subsequent phase.

The total gross development value of the entire project is tagged at RM3.5bil and expected to be completed in 2020.

By The Star

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