KUALA LUMPUR (Dec 1): Bintai Kinden Corp Bhd has inked a memorandum of understanding to jointly develop a piece of industrial land near Kuala Lumpur International Airport (KLIA).
In a statement Wednesday, Bintai said the industrial land measuring 36 hectares has a potential gross development value of not less than RM700 million.
It said it has inked the MoU with Charter Built Sdn Bhd (CBSB).
It said CBSB is principally involved in the business of civil and structural works, project management consultancy and engineering, procurement, construction and commissioning (EPCC) contractual works.
Bintai deputy chief executive officer Azri Azerai said the MoU is in line with the company’s strategy to diversify the business instead of depending solely on its existing core mechanical and electrical (M&E) engineering business.
“Bintai group has past experiences and expertise in undertaking and completing various construction of property development and related projects across a span of 36 years.
“The joint development to develop a piece of industrial land with CBSB will add another project portfolio to the group,” he said.
Bintai said the MoU shall be valid for a period of one year, and may be further extended by mutual agreement in writing of both parties.
At the midday break, Bintai added 0.5 sen to 36.5 sen, valuing it at RM202.57 million.
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