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Saturday, March 24, 2012

Perak Corp unit enters joint venture

PETALING JAYA: Perak Corp Bhd subsidiary PCB Development Sdn Bhd has entered into a heads of agreement with Sanderson Project Development (Malaysia) Sdn Bhd (SPDM) for a joint venture to develop and operate an international standard animation theme park, resort hotel and serviced apartments in Ipoh. The project has a gross development value of RM506.7mil.

Perak Corp told Bursa Malaysia yesterday that the intended equity participation in the joint venture shall be 20% to be held by PCB Development and the balance 80% by SPDM.

“SPDM will negotiate with third parties in relation to raising funds for the JV to develop the project,” it said.

PCB Development is the land owner and developer of BioD City at Bandar Meru Raya, Ipoh. BioD City is a master-planned development comprising residential, commercial, retail and leisure precincts.

SPDM is a special-purpose vehicle set up particularly for the project by Sanderson Group Pty Ltd group of companies, which is engaged in the design, construction and operation of international tourist and leisure destinations around the world.

“The rationale of the project is to fulfil the BioD initiative development as well as to complement the developments of BioD City and BioD Eco-Tourism undertaken by the PCB Group to facilitate the national strategic policies providing various conducive environments for optimal economic growth,” Perak Corp said.

The heads of agreement will enable the contracting parties to negotiate on an exclusive basis the formation of the joint venture for the purpose of developing and operating the project.

The joint venture will enter into a turnkey construction contract with SPDM, or a company under the Sanderson Group, to provide turnkey construction services to develop the project which will include the design, fabrication, construction, project management and operations establishment of the project.

By The Star

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