IOI Corp has the highest revenue exposure to Europe among the Malaysian planters
KUALA LUMPUR: IOI Properties Group Bhd
's subsidiary and MJR Investment Pte Ltd (MJRI) are teaming up to undertake a condominium project at IOI Resort City, Putrajaya.
IOI Properties said on Friday its 99.8%-owned Pine Properties Sdn Bhd and MJRI would develop the project on a 9.6-acre site
It said the signing of the shareholders’ agreement on Thursday marked a significant milestone towards the development of the project.
Pine Properties will be disposing of 45% of its existing equity stake in PINE MJR Development Sdn Bhd (PINE MJR) to MJRI.
The parties will then increase PINE MJR’s paid-up capital through the subscription of ordinary shares and redeemable non-cumulative preference shares.
