Bandar Raya Developments signs three MoUs with MPHB

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) on Tuesday, July 13, signed three memorandums of understanding (MOU) with Multi-Purpose Holdings Bhd (MPHB) to collaboratively develop several parcels of land in Penang (80 acres), as well as in Rawang (267 acres) and Gombak, Selangor (324 acres).

In a filing to Bursa Malaysia on the same day, BRDB said it was given six months to conduct a feasibility study on all the proposed projects, after which, if mutually agreed upon, a formal joint venture (JV) agreement would be signed.

“The signing of the MoUs are in line with BRDB’s business strategy of enlarging its development land banks via JV to improve profitability and shareholder value,” it said.

The principal activities of MPHB are investment holding, provision of management and share registration services, while its subsidiaries are involved in the operations and management of a licensed four-digit number forecast betting game, investment holding and trading, operation of insurance business, securities broking and dealing, provision of general loan financing services, operation of hotels, property development and property investment, and provision of computer software and other related services.