E&O said the JV was expected to generate cash flow for the E&O Group whereby the cash together with the total consideration receivable by Ambangan Puri shall be used by the E&O Group for, among others, reinvestment in other projects, repayment of bank borrowings and working capital purposes.
KUALA LUMPUR: Eastern & Oriental Bhd
(E&O) and Japan’s largest property developer Mitsui Fudosan Co Ltd are teaming up to build luxury residences in Damansara Heights here.
E&O, in a filing with Bursa Malaysia, said its indirect unit KCB Holdings Sdn Bhd (KCBH) and Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM), which is also an indirect unit of Mitsui Fudosan would be involved in the joint venture (JV). KCBH will hold a 51% stake in the new JV company and MFAM the remaining 49% in the JV.
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