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Pacific Century signs JV agreement to develop Thai project

A wholly-owned subsidiary of Pacific Century Premium Developments Ltd. and Paradise Pinetree Development Ltd. entered into a joint venture agreement to form Easy Treasure Ltd. that will undertake the development of a project in Phang Nga Province, Thailand.

Gold Estate Ltd. and Paradise Pinetree, wholly owned by Pacific Century independent nonexecutive director Allan Zeman, will collaborate on the construction and development of residential properties for sale, along with infrastructure and facilities, on the Phang Nga Province site, which covers a total site area of roughly 349,000 square meters. The project site forms part of an approximately 1.7-million-square-meter land plot held by Phang-nga Paradise Ltd. and Phang-nga Leisure Ltd., according to a release.

The first phase of development will come in two phases, and as part of the proposed joint venture an agreement will be signed to transfer the project site to the assigned developers from Phang-nga Paradise and Phang-nga Leisure, making the developers owners and holders of the title of the project site.

Immediately following the completion of the joint venture deal, Gold Estate and Paradise will respectively hold 90.01% and 9.99% of Easy Treasure.

In light of the deal, Zeman will be redesignated to nonexecutive director from independent nonexecutive director of Pacific Century, and will also be redesignated to member of the nomination committee from chairman. He will also cease to be a member of the audit committee, with the changes becoming effective March 16 and Vince Feng taking over the positions that Zeman vacated.