KUALA LUMPUR: UEM Sunrise Bhd
, Telekom Malaysia Bhd (TM) and Iskandar Investment Bhd (IIB), through their wholly owned units, have decided to end their joint venture (JV) in managed services for smart city solutions.
UEM Sunrise said its subsidiary UEM Land on Jan 5 inked an agreement with TM’s unit Intelsec Sdn Bhd and IIB Property Services Sdn Bhd to mutually terminate their joint venture and shareholders’ agreement dated July 1, 2014.
“The JV termination agreement (JVTA) is mutually agreed by all shareholders of Inneonusa.
“This is in line with UEM Sunrise’s initiative to streamline its asset portfolio, allowing the company to better focus on its core business,” the property developer said in a filing with Bursa Malaysia.
Together, the parties started the JV a decade ago to provide smart in-building and smart city services in Iskandar Puteri, Johor, said UEM Sunrise, the city’s master developer.
The JV company, Inneonusa Sdn Bhd, is 51%t owned by Intelsec, 39% by UEM Land and 10% by IIB Property Services. — Bernama
