PETALING JAYA: YLI Holdings Bhd
has entered into a joint development agreement with Puncak Alam Housing Sdn Bhd to undertake a development on a piece of vacant land measuring 10.963 acres at Bandar Puncak Alam, Selangor.
In a filing with Bursa Malaysia, the ductile iron pipes and fittings manufacturer said the proposed joint development enables the group to diversify into property development industry and diversify its earnings base without the need for an outright acquisition of the land, thereby optimising capital deployment and enhancing the long-term growth prospects of the group.
“The proposed joint development is expected to contribute positively to the future earnings and net assets of the group.
“It will enable the group to realise the value of the land assets through a joint development arrangement while facilitating the group’s strategic divestment from the manufacturing and trading, construction and project management sector.
YLI added that the proposed joint development is also expected to enhance the group’s financial position and allow it to diversify its income stream while still focusing on its core business operations.”
