KUALA LUMPUR: A unit of TSR Capital Bhd
has entered into an MoU and with Globe Venture Holdings Inc (GVHI) in relation to the proposed mixed development project of over 52.2 acres situated at PD Waterfront, Port Dickson.
The group told the stock exchange on Monday that the MOU was intended to set the terms governing the collaboration between the parties, while and MoA was also signed to jointly develop a proposed water chalet resort to be built on the land.
It said its unit TSR Ocean Park Sdn Bhd (TSROP) entered into the two agreements on May 20, 2017.
GVHI is a US-based global provider of institutional and private client wealth management solutions, including asset management, investment processing and investment operations.
Under the MoU, TSROP will develop mixed high-end properties that consist of residential, resorts and hotels, commercial and corporate buildings tailored to the tourism and services industry.
In the announcement, TSR Capital said its unit and GVHI planned to establish a developer and investor or venture partner cooperation relationship in relation to the mixed development.
As for the MoA, it states that GVHI will jointly develop with TSROP the proposed water chalet resort and the parties will incorporate a special purpose vehicle to undertake the development.
The parties agreed to share the equity shareholding for the proposed chalet accordance to 51% (TSROP) and 49% (Globe Venture).
“The MoU and MoA would provide an opportunity for TSROP to bring in GVHI to invest or jointly develop part of the development land.
“It also provide opportunity for the parties to cooperate, pool resources and utilise the parties’ strength to jointly develop part of the development land,” it added.
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