PETALING JAYA: Rivertree STF Synergies Bhd, formerly known as Sinmah Capital Bhd
, says its wholly-owned subsidiary, RSSB Builders Sdn Bhd, has entered into a head of agreement (HOA) to construct and operate four greenfield centralised labour quarters with 28,800 beds valued at RM600mil.
In a filing with Bursa Malaysia, the group said RSSB Builders inked the collaboration with Asetra Sdn Bhd, a firm owned by fund manager Catenary Capital Sdn Bhd as well as Q Centre (Teratai) Sdn Bhd and Q Centre Management Sdn Bhd.
Under the agreement, RSSB Builders shall be the turnkey developer to construct all four facilities, which will be located in the Klang Valley.
Rivertree said the rationale of the HOA is to set out parties’ intentions and understandings for the project.
“The project is expected to complement the group’s existing operations and contribute positively to its future performance,” it said.
