Talam's unit Europlus in JV deal to develop RM388mil GDV project

KUALA LUMPUR: Talam Transform Bhd’s wholly-owned unit Europlus Bhd (EB) has entered into a joint venture (JV) agreement with Janajaya Murni Sdn Bhd (JMSB) to develop terrace houses on two parcels of lands owned by EB in Serendah, Selangor.

In a filing with Bursa Malaysia today, Talam said Land 1 and Land 2 measure 11.3 hectares (ha) and 20 ha, respectively.

Land 1 will have a gross development value (GDV) of RM140.70 million and Land 2 RM247.52 million.

As part of the agreement, JMSB would pay EB joint venture entitlements of approximately RM22.51 million for Land 1 and RM39.6 million for Land 2.

"The proposed JV is expected to generate an estimated cash inflow of approximately RM62.11 million, enabling Talam to significantly improve its liquidity position for the working capital of the group’s property development projects and reduce the group’s debts,” it said.

The net proceeds from EB’s JV entitlement will be utilised to pare down the group’s liabilities and balance as working capital for the group’s property development projects, it added. - Bernama