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MRCB enters into MoU with Korean union

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has signed a strategic alliance memorandum of understanding (MoU) with the Korean Teachers Credit Union (KTCU) to collaborate on potential future property projects.

The KTCU is a Korean government guaranteed welfare agency, with the aim of protecting the welfare and livelihood of teachers and employees in the country's education system. The KTCU currently invests in two real estate funds for two projects in MRCB's KL Sentral development, namely Tower 2 Lot G and Q Sentral, with a total investment value of RM660 million.

According to the announcement, the purpose of the MoU is to allow the KTCU the opportunity to invest in any projects of acquisitions by MRCB. On the flipside, it would also allow the KTCU to invite MRCB to participate in its own projects. There is also a possibility for the two parties to set up a joint-venture entity.

The KTCU currently holds US$17 billion (RM51.51 billion) worth of assets under its management.

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