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Majuperak inks MOU to develop 857.75 acres of land in Perak into strategic assets

Majuperak inks MOU to develop 857.75 acres of land in Perak into strategic assets

04 Oct 2022

Majuperak Holdings Bhd (MHB) proposed to collaborate with its 55%-shareholder Perbadanan Kemajuan Negeri Perak (PKNPk) to jointly develop assets on several land banks measuring 857.75 acres in Perak.

In a filing to Bursa Malaysia, MHB said that it has entered into a Memorandum of Understanding (MoU) with PKNPk to jointly develop the latter’s lands in Seri Iskandar, Bidor and Tronoh for residential property projects.

Nexusbase Developments Sdn Bhd, a subsidiary company of MHB, has been identified as the master developer for the mixed property development projects.

MHB, which is involved in property development and facilities management, will also explore potential opportunities in PKNPk’s lands in Bazar Ipoh and Teluk Batik, MHB said.

Meanwhile, MHB intends to develop a floating solar farm in Perak, citing approximately 1,300 acres of water bodies to be explored.

MHB said the collaboration is aimed to spur direct domestic investment in Perak, create employment opportunities and economic activities for the state.

“Through its participation in the collaboration, MHB will be in a better position to strengthen its asset holding and core business, raise fundings for its operations and projects, improve and strengthen its financial sustainability, and return to profitability, “ it said.

Both parties expect to complete negotiations, and secure relevant approvals within 12 months from the date of the MoU.

Shares of Majuperak closed 2.04% lower to 24 sen, giving it a market capitalisation of RM68.26 million.

Source: The Edge Markets