KUALA LUMPUR: Daiman Development Bhd (DDB) has entered into a memorandum of understanding (MoU) with the People’s Government of Chaozhou Municipality (PGCM) to acquire and develop a 300-acre tract of land in Chaoan County, China.

In a Bursa Malaysia filing on Monday, Sept 13, DDB said it had accepted and received the proposed investment on Sept 10, without identifying the size of the investment or the nature of the development.

Under the MoU, PGCM has agreed to supply all information and provide all the required help to DDB to enable the group to complete its feasibility and due diligence studies.

It added that while the due diligence studies are ongoing, the right to acquire and develop the land solely belong to DDB.

A formal agreement will be discussed and entered into upon a satisfactory result from the due diligence studies.

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