Harvest Court shareholders approve RM808m construction venture

KUALA LUMPUR: Harvest Court Industries Bhd's shareholders have approved the company's plan to diversify from the timber product business into the construction sector.

At the EGM on Tuesday, the shareholders also approved the proposed related party transactions (RPT) comprising of the 1 Sulaman project, the 1Green Enviro project and the 1 Likas project, which have a combined contract value of RM808.10mil.

The independent advisor had, in its circular, recommended shareholders vote in favour of proposals.

Covenant Equity Consulting Sdn Bhd, the independent adviser, said the financial effects of the RPTs, which involved three construction projects, were not detrimental to Harvest Court shareholders and the future prospects of the construction industry in Malaysia appear to be favourable.

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