Perak Corp unit to boost property sector

  • Business
  • Friday, 21 Jun 2019

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

IPOH: Perak Corp Bhd subsidiary PCB Development Sdn Bhd (PCBD) has inked a memorandum of understanding (MoU) with Cycleworld Global Sdn Bhd, Asia’s main manufacturer of structural polyurethane panels, to further boost the property sector in the state.

The MoU will enable PCBD to become Cycleworld Global’s main distributor and installer of the Fastfix modular industrial building system – a green technology-based and environmental-friendly product by the company.

Established in 1993, Cycleworld Global is a Selangor-based manufacturer.

PCBD chief executive officer Mohamed Shafeii Abdul Ghafor said the product would be used in property development projects in Perak, Penang, Kedah and Perlis.

“The Fastfix modular system, which is another brand for the industrialised building system, has several features including the best thermal insulation, flame retardant, easy to install, cost-effective, as well as free of chlorofluorocarbon gas,” he said in a speech at the MoU signing ceremony here.

At the signing, Cycleworld Global was represented by its managing director Benny Choy Kian Seng while PCBD was represented by its chairman Mohd Ariff Yeop Ishak.

Perak Mentri Besar Datuk Seri Ahmad Faizal Azumu, state Industry, Investment and Corridor Development chairman Datuk Seri Mohammad Nizar Jamaluddin and Perak state secretary Zainal Azman Abu Seman were among those present to witness the signing.

Mohamed Shafeii said under the MoU, Cycleworld Global would also set up its second factory in Perak.

To be built in Khantan, Chemor here, the factory would provide job opportunities to the locals, as well as giving a boost to the local economy, said Mohamed Shafeii.

One of the eight areas that would be developed into affordable housing projects by PKNP in the future would incorporate the Fastfix modular system. — Bernama

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