UEM Sunrise, TM and IIB set up new JV

KUALA LUMPUR: UEM Sunrise Bhd (UEMS), the master developer of Nusajaya in Iskandar Malaysia, Johor announced that it has entered into a joint venture (JV) and shareholders agreement with Telekom Malaysia Bhd (TM) and Iskandar Investment Bhd (IIB) to form a managed services operating company. “The proposed JV will pave the way towards realising the aspiration of establishing Nusajaya as a world-class benchmark for a livable smart city design, build and operations guided by a common vision and core values shared by both UEMS and IIB,” said UEMS in an announcement to Bursa Malaysia.

UEMS said the JV company will be incorporated next month after the Companies Commission of Malaysia approves its name. It will have an initial issued and paid up share capital of RM15 million, divided into 15 million ordinary shares of RM1 which UEMS, TM and IIB will subscribe to in cash with the proportion of 51%, 39% and 10% respectively within three months.

This article first appeared in The Edge Financial Daily, on July 2, 2014.

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