SHMB entered into a Heads of Agreement (HoA) with Teluk Datai Resorts Sdn Bhd (TDR) on Wednesday, Dec 8 with TDR holding 51% of the equity in the joint venture and SHMB holding the remaining 49%. Khazanah holds a 70% equity stake in TDR.
The resort, located at Teluk Datai will be managed by Shangri-La International Hotel Management Limited (SIHML) under the Shangri-La brand, said SHMB on Wednesday.
Pursuant to the HoA, the proposed resort development is conditional upon SHMB participating in a Puteri Harbour hotel development in Iskandar Malaysia, Johor. SHMB will have a 20% equity stake, while Khazanah will hold the remaining 80% in the Puteri Harbour project, which will be managed by SIHML under the Traders brand.
Feasibility studies and review of financial details together with the business and development plans of the two proposed developments will be conducted by SHMB before the finalisation of the terms of any definitive agreements.