Sunway says not in talks with Sime on Iskandar JV

KUALA LUMPUR (Nov 4): Sunway Bhd on Friday said it is not involved in any discussion with conglomerate Sime Darby Bhd to jointly develop townships in Iskandar Malaysia, Johor.

Nevertheless, as a leading property and construction company, Sunway said it is constantly on the lookout for property development opportunities both locally and abroad.

"We will keep our shareholders appropriately notified through timely announcements made to Bursa Malaysia Securities Bhd," it said in its filing to the exchange here.

It was reported by Bernama on Thursday that the two companies are likely to jointly develop townships in Iskandar Malaysia.

Quoting industry sources, the report said the government was allocating land for the joint development and that the companies were buying the concession land for a good price.

The sources said it was also understood that both companies would sign a memorandum of understanding in the next few weeks, and that such a collaboration between government-linked companies (GLCs) and the private sector was best for Malaysia's future development.

The joint development could be a strong message for Malaysian companies to forge relations with GLCs and play their part in the next stage of the country's development.

Joint development between GLCs and the private sector was also stressed by Deputy Prime Minister Tan Sri Muhyiddin Yassin in building a sustainable and inclusive economy and drive Malaysia towards developed nation status by 2020. — Bernama

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