KUALA LUMPUR: Skyworld Development Bhd
’s wholly-owned subsidiary, SkyWorld Development (Vietnam) Co. Ltd has signed a memorandum of understanding (MoU) with Le Van Phong and MTV Vina An Thuan Phat Co. Ltd (ATP) to secure an exclusive negotiation period with regard to a project.
The parties inked the MoU in the lead-up to the signing of the definitive transaction agreements for SkyWorld Vietnam to develop the Sai Gon - Thuan An central commercial apartment complex, via the acquisition of ATP.
In a filing with Bursa, Skyworld Development said the project will be undertaken through the acquisition of all the fully-paid charter capital of ATP by SkyWorld Vietnam, including, but not limited to, all rights and benefits attached to the project, the land lot and other assets of ATP.
It said the purchase price for the proposed acquisition is estimated at VND850 billion (equivalent to approximately RM136 million).
"This is an excellent opportunity for SkyWorld Development to kick-start its property development business in Vietnam’s Binh Duong Province, given that the project is on track for a swift launch supported by an approved masterplan which aligns with SkyWorld Development regional expansion plan,” the company said.
It added that the MoU is expected to contribute positively towards the revenue and earnings of the group if the project is implemented. - Bernama
