PETALING JAYA: ACME Holdings Bhd
’s wholly-owned subsidiary, Ayana Bayu Sdn Bhd (ABSB), and Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) will be jointly developing seven pieces of land in Penang into a multi-phased integrated developments with an estimated gross development value (GDV) of RM1.4bil.
Following the proposed joint development, both ABSB and KKMBPB have entered into a joint-venture agreement (JVA), ACME said in a filing with Bursa Malaysia.
It said the total acreage for all seven land plots was 72.17 ha. It said both parties had agreed that the JV development of the said land was on sharing basis of 17% of the GDV to KKMBPB and 83% to ABSB.
“The JVA will enable ACME and its subsidiaries to undertake the said development within the proximity of Penang.
“The multi-phased integrated prokect will contribute positively to the group’s financial performance in the ordinary course of business, going forward,” it added. — Bernama
