KUALA LUMPUR (Jan 21): Ideal United Bintang International Bhd's wholly-owned subsidiary Ideal Capital Venture Sdn Bhd had today signed a head of terms with PR1MA Corp Malaysia to jointly develop RM828.6 million worth of properties at Penang's Bandar Gelugor.

In a statement to Bursa Malaysia today, Ideal United said Ideal Capital and PR1MA plans to develop some 6.5ha (about 16.24 acres) of land comprising two tracts at Bandar Gelugor.

"This development is expected to contribute positively towards the revenue and earnings of Ideal (United) in accordance with the stage of progress to be recognised over the next three to five financial years.

"The development does not entail different risks other than those applying to the existing business of Ideal (United), being property development which includes, inter alia, general business risks in relation to the industry, impact of government policies and regulation on the industry, competition and dependence of key personnel. The company will take necessary steps to mitigate the risks as and when they occur," Ideal United said.

At Bursa's 12:30pm afternoon break today, Ideal United's share price settled up two sen or 1.12% at RM1.80 for a market capitalisation of RM835.79 million. Ideal United shares traded between RM1.74 and RM1.81 so far today.

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