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KUALA LUMPUR (June 9): Pasukhas Group Bhd has teamed up with Yayasan Veteran Angkatan Tentera Malaysia to jointly develop a 1.27-acre piece of state leasehold land here into a commercial development, comprising office towers.
In a filing with Bursa Malaysia today, Pasukhas said its wholly-owned subsidiary Bungar Majujaya Sdn Bhd has entered into a joint venture (JV) agreement with Yayasan Veteran Angkatan Tentera Malaysia on the proposed project.
Under the JV deal, Pasukhas will pay RM15.45 million for the land premium and RM2 million cash to Yayasan Veteran Angkatan Tentera Malaysia. The Yayasan will also be entitled to 72,000 sq ft of partial office space and function rooms in the development.
Pasukhas said it intends to finance the project via internal funds and/or borrowings.
The proposed project is expected to be completed within the next five years from the date of obtaining the development order from relevant authorities.
“With our recent acquisition of Bungar Majujaya, we intend to expand our foothold into property development, as we see visible demand, especially for commercial development, being robust in Kuala Lumpur," Pasukhas executive director and chief executive officer Wan Thean Hoe said in a separate statement.
"We believe that the project will drive additional revenue, which will contribute positively to the future earnings and improve the financial position of the group," he added.
Pasukhas closed unchanged at 15 sen today, with 8.13 million shares done, giving it a market capitalisation of RM121.74 million. — theedgemarkets.com
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