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Saturday, April 14, 2012

Boustead plans shopping centre with Ikano

KUALA LUMPUR: Boustead Holdings Bhd plans to develop and manage a shopping centre here with Ikano Pte Ltd, the operator of Ikea stores in Southeast Asia.

In a statement yesterday, Boustead said its wholly-owned subsidiary Mutiara Rini Sdn Bhd had entered into an agreement with Ikano to form a joint-venture company called Circuit Wealth Sdn Bhd.

Mutiara Rini and Ikano will eventually each contribute RM100 million to the issued and paid-up capital of the joint-venture company.

Boustead said the joint-venture company will acquire land from the Armed Forces Fund Board for the shopping centre.

By Bernama

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