KUALA LUMPUR (Feb 22): UEM Sunrise Bhd's unit UEM Land Bhd is tying up with SUTL Marina Holdings Pte Ltd, a diversified Singapore-based group, to undertake several projects at Puteri Harbour, Iskandar Puteri in Johor.
In a bourse filing today, the property developer said UEM Land has entered into a joint venture (JV) agreement with SUTL Marina to establish a JV company with a 40:60 (UEML:SUTL) equity share to cooperate in incorporating, financing and operating a JV company in Malaysia.
The JV company, according to UEM Sunrise, was tasked to develop the portion of the public marina that has yet to be developed, the private marina and the mega yacht marina, and to operate the public marina, the private marina and the mega yacht marina.
The JV company will also be tasked to develop and operate the private yacht club via the Private Yacht Club Corporation, operating the sports centre in Puteri Harbour and other business that are complementary to the businesses set out above, agreed by both parties, according to UEM Sunrise.
SUTL Marina is a member of the SUTL Group of Companies, a diversified Singapore-based group with businesses under three main divisions of consumer goods, leisure and technology.
Under its leisure division, its marina business unit owns and operates the ONE°15 Marina Club located in Sentosa Cove, Singapore, and related businesses as well as consulting and investing in marina projects in Asia.
UEM Sunrise said the proposed JV will not have material effect on its earnings, net assets or gearing for the financial year ending Dec 31, 2016 (FY16). -- theedgemarkets.com