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BAssets ties up with Foshan City to foster trading activities

KUALA LUMPUR (July 13): Berjaya Assets Bhd (BAssets)'s unit, Berjaya Waterfront Sdn Bhd, has inked a Memorandum of Understanding (MoU) with Foshan City Bureau of Commerce (FCBC) to establish a strategic collaboration partnership to foster trade and investment activities.

In a statement to Bursa Malaysia today, the diversified investment holding company said the MoU was for the collaboration to foster trade and investment from Foshan City to the South East Asia Duty Free Trade City project at Berjaya Waterfront in Johor Bahru, Johor.

The MoU was signed by Berjaya Waterfront director Datuk Zurainah Musa, director of Berjaya Waterfront and Foshan City Bureau of Commerce deputy head Tong Quanqing. The ceremony was witnessed by BAssets chairman, YAM Tunku Datuk Seri Shahabuddin Tunku Besar Burhanuddin.

The MOU came after Foshan City Bureau of Commerce (FCBC) made a recent trade and investment delegation visit to the South East Asia Duty Free Trade City.

South East Asia Duty Free Trade City project is a project planned and developed by BAssets.

Under the MoU, BAssets said both parties will establish a framework for collaboration with progressive discussions, exchange of information, and development and investment updates for the relevant commercial initiatives.

FCBC, meanwhile, will organise trade visits to South East Asia Duty Free Trade City project, to explore and conduct trading and investment activities with the intention of promoting this project as a strategic initiative for Foshan City investors in Malaysia.

Berjaya Corp Bhd has invested in numerous infrastructure projects in Foshan City, in the past few years.

As such, Berjaya Waterfront has been selected by FCBC as a strategic collaboration partner for Foshan enterprises to trade and invest in Malaysia.

BAssets said Berjaya Waterfront works to introduce new ideas and infuse fresh vibes to South East Asia Duty Free Trade City.

"Foshan City Bureau of Commerce will come in as a partner, instrumental in providing technical support, in terms of bringing corporate investments and trading activities from Foshan enterprises to the project," it added.

Shares in BAssets was not traded today. It last closed at 78 sen on Monday (July 11), for a market capitalisation of RM862.61 million. — theedgemarkets.com

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