MPHB Cap subsidiary Mimaland ends JV development plan


KUALA LUMPUR: The joint venture (JV) to redevelop the Gombak site of the once-popular but now-long-closed Mimaland recreational park has been terminated.

MPHB Capital Bhd (MPHB Cap) told Bursa Malaysia that its 98.2% owned subsidiary Mimaland Bhd, which owns the 324-acre land (comprising seven parcels), and Bandar Raya Developments Bhd’s (BRDB) unit Magna Senandung Sdn Bhd entered into a deed of termination on Monday.

The property developer did not provide any reason for the cancellation.

However, MPHB Cap said on the termination of the JV agreement, neither Mimaland nor Magna Senandung would have any claims against the other.

According to reports, MPHB Cap and Bandar Raya had planned to redevelop the site of Mimaland -- one of the country’s pioneer recreational parks that was closed in 1993 -- into an eco-friendly hillside, courtyard and water-fronted homes with an estimated gross development value of RM2.2bil. The development was to span 12 years.

In March 2011, MPHB’s subsidiaries had signed JV agreements with three different units of BRDB to develop the Mimaland land, 265.1 acres in Rawang and 80.9 acres in Penang.

It is not known whether the other agreements will be affected as well following the Gombak development’s termination.

MPHB Cap said the termination would not have any material effect on its and the group’s earnings, net assets and gearing for this financial year ending Dec 31.

BRDB, once listed on Bursa Malaysia, was taken private in October 2012.

MPHB Cap shares fell 4 sen to close at RM1.66 on Monday.


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Impiana Hotels secures 5-year contract to manage Petronas leadership centre
Serba Dinamik appoints Nexia as new external auditors
F&N posts higher sales in Q3, but rising costs dent earnings
Political turmoil weighs on Bursa
As China's recovery wobbles, economists expect more policy easing
Thai c.bank holds key rate at record low amid COVID-19 surge
Sony posts Q1 profit jump on pandemic demand for devices and content
LBS Bina records property sales of RM684m as at end-July
Airline industry statistics confirm 2020 as worst year on record
Merchantrade Asia, NPCI offer real-time remittances to India

Stories You'll Enjoy


Vouchers