KUALA LUMPUR (Sept 28): PRG Holdings Bhd has teamed up with Syarikat Perumahan Negara Bhd (SPNB) to jointly develop RM5 billion worth of affordable housing development projects.

In a statement yesterday, PRG said that the projects will be undertaken by newly formed joint-venture company Premier Aspirasi Development Sdn Bhd, where SPNB Aspirasi Sdn Bhd, a unit of SPNB, will hold a 51% stake and PRG’s wholly-owned unit, Premier JPC Sdn Bhd, the remaining 49%.

PRG group managing director Datuk Lua Choon Hann said the definitive agreement is another meaningful step towards growing the company, and demonstrates its focus on diversifying its income stream.

“When we were planning our business strategies earlier this year, our highest priority was to reshape our portfolio to accelerate growth. This collaboration will drive transformation growth for PRG and value creation for our shareholders,” he added.

This article first appeared in The Edge Financial Daily, on Sept 28, 2017.

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