KUALA LUMPUR: PRG Holdings Bhd
will leverage on China's Jiangsu Provincial Construction Group Co., Ltd (JPC) to undertake infrastructure, property and construction jobs in Malaysia and internationally.
PRG, which has interests in property, construction and manufacturing, said on Monday it had inked a strategic cooperation agreement with JPC – a member of China's Greenland Group.
Under the agreement, PRG will source for infrastructure, construction, project financing, and property development projects.
As for JPC, it will invest, finance and undertake the projects/contract works secured by PRG.
PRG group managing director Datuk Lua Choon Hann said: “Our partner, JPC, has an exemplary track record in the construction industry and PRG stands to leverage on its knowhow and resources to extract maximum value from the derivable synergy.”
He said the agreement was also in line with PRG's startegic to team up with strategic partners experienced in property development and construction projects.
“This corporate exercise will also provide a good opportunity to diversify the revenue stream of the Group,” Lua added.
Among those present at the signing ceremony were Deputy Finance Minister Datuk Lee Chee Leong;the CEO of PRG Holdings Berhad Property & Construction Datuk Steven Hooi Kok Hoe; Jiangsu Provincial Construction Group Co Ltd CEO Qiu Tian Qing and deputy director-general, Department of Housing and Urban & Rural Development of Jiangsu Province, Gu Xiao Pin.
On June 13, PRG inked an MoU with SPNB Aspirasi Sdn Bhd (SASB) and Mimbar Nusantara Holdings Sdn Bhd to explore potential collaboration and joint venture opportunities in housing development projects by SASB.
“Based on the initial assessment, the potential gross development value of these projects is worth approximately RM5bil,” it said.