ACME subsidiary to jointly develop Penang land

PETALING JAYA: ACME Holdings Bhd’s wholly-owned subsidiary, Ayana Bayu Sdn Bhd (ABSB), and Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) will be jointly developing seven pieces of land in Penang into a multi-phased integrated developments with an estimated gross development value (GDV) of RM1.4bil.

Following the proposed joint development, both ABSB and KKMBPB have entered into a joint-venture agreement (JVA), ACME said in a filing with Bursa Malaysia.