KUALA LUMPUR: Mah Sing Group Bhd said it has on Dec 23 obtained the approval of Bank Negara for shareholder’s advance to its wholly-owned subsidiary, Mah Sing International (HK) Limited, to subscribe shares in its newly- incorporated wholly-owned subsidiary Mah Sing Property Consulting (Changzhou) Pte. Ltd.
Mah Sing remitted Dec 24 USD29.8 million on behalf of Mah Sing International for the subscription of the registered capital of Mah Sing Changzhou
The intended business activities of Mah Sing Changzhou are property consulting and business consulting.
On Dec 2, Mah Sing has announced that Mah Sing International has jointly with Danlong Realty (Beijing) Limited entered into a Letter of Intent with the Wujin District People’s Government, Changzhou City to develop a mixed property development project in Wujin District, Changzhou City.
Mah Sing International and Danlong intend to establish a joint venture company on a 51 (Mah Sing):49 basis.
In the event that the land use rights could not be obtained, the Wujin Government has guaranteed that Mah Sing could wind up the subsidiary in China and the funds can be converted to US Dollar and remitted back to Malaysia or to be utilised for other investments within China.