UEM Land ventures into biotech

KUALA LUMPUR: UEM Land Holdings Bhd is venturing into the biotechnology sector via its partnership with Malaysian Biotechnology Corp Sdn Bhd (BiotechCorp), a company owned by the Minister of Finance Inc.

UEM Land said on Sept 17 the proposed JV will allow UEM Land to take part and speed up the development of the biotechnolgy projects, providing property development expertise and leveraging on the expertise of its JV partner.
 
It will hold 40% and BiotechCorp the remaining 60% in the JV company.

The JV would enter into a put option for UEM Land to sell two parcels of land in Johor. The first parcel is under the Southern Industrial & Logistics Cluster (SiLC) Nusajaya Master Development Plan with a net developable area of about 27.74 acres and a gross area of about 30.856 acres.

The second parcel is a piece of land under the SiLC Nusajaya Master Development Plan with a net developable area of about 33.24 acres and a gross area of approximately 41.669 acres.