KUALA LUMPUR: Ann Joo Resources Bhd
’s indirect subsidiary, Gurun Heavy Industrial Park Sdn Bhd (GHIP), has entered into two joint-venture agreements (JVAs) with Transyear Sdn Bhd to develop two phases of Gurun Heavy Industrial Park, with estimated gross proceeds of over RM203mil.
Ann Joo said the developments involved freehold land in Gurun, Kedah, measuring 392,000 sq m under phase 1A and another portion measuring 445,896 sq m (phase 1B), both owned by GHIP.
On funding, Ann Joo said the cost attributable to GHIP for the developments would be financed through internally generated funds and/or borrowings.
“The estimated gross proceeds for the developments are expected to be more than RM203mil and proceeds received by GHIP will be utilised for future capital expenditure, investment and/or working capital, to be determined in due course,” it said.
On the rationale for the JVAs, Ann Joo said they would enable GHIP to unlock and maximise the value of its land by partnering with Transyear, an established and experienced property developer in the northern region.
“Through this collaboration, the land will be developed into an industrial park, enhancing its marketability and enabling GHIP to achieve a higher disposal value compared with a direct land sale,” it added. — Bernama
