KUALA LUMPUR: Perak Corp Bhd
has entered into a collaboration agreement (CA) with Spectrum Asets Sdn Bhd (SASB) to jointly develop two parcels of land in Kinta, Perak.
In a statement, Perak Corp said the agreement aims to leverage combined resources and expertise for the proposed mixed development project.
It said the CA is subject to a joint venture agreement (JVA) or similar agreement between Perak Corp and SASB, with SASB serving as the special purpose vehicle (SPV) for the project.
Perak Corp will hold a 20% stake in the SPV, while SASB’s existing shareholder will hold 80% upon signing the JVA.
It said the CA allowed Perak Corp to unlock the potential value of its land assets through a strategic partnership with SASB.
“This collaboration combines the resources, expertise, and financing capabilities of both parties to facilitate the implementation and execution of the proposed joint development, enhancing the value of the land and creating a sustainable revenue stream for Perak Corp.
“Additionally, the partnership aligns with Perak Corp’s strategy of optimising asset utilisation and pursuing joint development initiatives to generate long-term economic benefits,” Perak Corp said.
