PR1MA, Zecon plan Sarawak JV

KUALA LUMPUR (Aug 15): Zecon Bhd signed a heads of agreement (HoA) with PR1MA Corp Malaysia for a proposed residential property development within an estimated 22ha (54.8 acre) tract at Sarawak's Salak Land district in Kuching.

In a statement to Bursa Malaysia today, Zecon said its wholly-owned subsidiary Zecon Land Sdn Bhd (ZLSB) has today signed the HoA with PR1MA Corp's wholly-owned unit PR1MA Development Sdn Bhd.

"The execution of the definitive agreement is conditional upon fulfilment of the conditions precedent and obligations as set out in the HoA to be fulfilled by ZLSB within three months from the date of the HoA," Zecon said.

At 12:30pm, Zecon shares fell 0.5 sen or 0.8% to settle at 59 sen for a market value of about RM70 million. The stock saw 31,300 shares traded. — theedgemarkets.com

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