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Malaysian Resources enters JV to develop 3 land parcels

A Malaysian Resources Corp. Bhd. unit is planning to enter a joint venture agreement to develop three land parcels in Bukit Jalil in Kuala Lumpur.

Rukun Juang Sdn. Bhd., an 85%-owned unit of MRCB Land Sdn. Bhd., together with the Employees Provident Fund Board's Tanjung Wibawa Sdn. Bhd. signed a subscription and shareholders' deal to establish Bukit Jalil Sentral Property Sdn. Bhd.

Bukit Jalil is the special purpose company that will develop the approximately 76.14-acre site. Rukun Juang and Tanjung Wibawa will hold a 20% and 80% stake in the joint venture, respectively.

The proposed disposal of the three sites by Rukun Juang to the joint venture amounts to nearly 1.43 billion Malaysian ringgit.

The leasehold for the three land parcels were acquired via a refurbishment deal entered into by Rukun Juang with the Malaysian government to renovate and upgrade the National Sports Complex in Kuala Lumpur for a total consideration of 1.34 billion ringgit.

As of May 31, US$1 was equivalent to 4.28 Malaysian ringgit.