KUALA LUMPUR: Malaysian Resources Corp Bhd's (MRCB) wholly-owned subsidiary Semasa Parking Sdn Bhd has secured a contract from Sentral Real Estate Investment Trust (REIT) for the operations of car parks at Menara Shell abd Platinum Sentral.
MRCB said in a filing with Bursa Malaysia the operations will be for a period of three years at both locations.
Under the agreement, the minimum guaranteed rental at Menara Shell and Platinum Sentral will be RM200,000 annd RM95,000 respectively.
According to MRCB, there will be a profit-sharing ratio between Sentral REIT and Semasa Parking of 90:10.
It said the fixed monthly revenue threshold of the Menara Shell car park will be RM242,000 a month, and RM122,000 a month at Platinum Sentral.
The group added that in view of the interest of the interested directors and interested major shareholder, the transactions are deemed a related party transactions pursuant to Paragraph 10.08 of the Main Market listing requirements of Bursa Malaysia Securities Bhd.