KUALA LUMPUR (April 17): Naim Indah Corporation Bhd is in talks to develop a 32-floor office tower with a gross development value of US$120 million in Yangon, Myanmar, via a joint venture.

"Things are still under planning, we have not finalised [all the details], we are currently in talks with a Myanmar partner, " Naim Indah managing director Datuk Alex Siaw Swee Hin told reporters after the extraordinary general meeting (EGM) today.

Commenting on the risks to venture into Myanmar, which is seen as politically unstable compared to other countries in the region, Siaw said he has more than 18 years' experience of venturing business in Myanmar.

"This is not my first time going to Myanmar. I am confident of bringing Naim Indah to the next level," he added.

He said he was previously involved in power plant business and chemical trading in Myanmar.

Meanwhile, the approvals from the shareholders at the EGM today will also see Naim Indah diversifying its business into project management, property development and construction.

Siaw said the loss-making Naim Indah is expected to turn around in 2015, with the contribution from the RM18 million contract for Gateway Klang Project which will be completed in 2017.

"We can start the project after we get shareholders' approvals. It will start contributing positively [as early as] next quarter," he added.

To recap, Naim Indah had, on Feb 10 this year, been awarded a contract by Lagenda Erajuta Sdn Bhd (Lagenda), the developer of the Gateway Klang Project, to provide project management services.

The project is a mixed development of shop offices, hotel towers and office suites. It also has a mall with a gross floor area of approximately 2.32 million sq ft.

The contract is deemed a related party transaction as one of Naim Indah’s executive director, Siaw, is also a director of Lagenda.

The independent adviser for Naim Indah has earlier recommended non-interested shareholders to vote in favour of the company’s proposals to provide project management services for Gateway Klang project.

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