Salcon, EKTSB ink agreement on land JV


PETALING JAYA: Nusantara Megajuta Sdn Bhd (NMSB), an indirect wholly-owned subsidiary of Salcon Bhd, and Exsim Kebun Teh Sdn Bhd (EKTSB) have entered into a supplemental agreement to waive, vary and supplement certain terms and conditions in their joint-venture (JV) deal that was signed on March 24, 2023.

The JV involves the development of two pieces of leasehold land in Johor Baru.

Salcon said in a filing with Bursa Malaysia that under the JV, NMSB is entitled to the landowner’s entitlement of RM140mil in return for contributing the development land pursuant to the JV.

In March 2023, NMSB and EKTSB entered into the agreement to undertake a multiple-phased mixed-use development, consisting of service apartments and retail units on two pieces of 99-year leasehold lands owned by NMSB.

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