Zelan to have 51% stake in CIQ complex

KUALA LUMPUR (Feb 3): Zelan Bhd will have a 51% interest in the proposed development of the Integrated Immigration, Custom, Quarantine and Security Complex at Bukit Kayu Hitam, Kedah.

In its filing with Bursa Malaysia on Thursday, Zelan said its wholly-owned unit Zelan Construction Sdn Bhd (ZCSB) will have 51% participating interest while Kiara Teratai Sdn Bhd will have 49%, subject to the terms and conditions of the joint venture agreement to be entered into by the two parties contingent upon the award of the project by Northern Gateway Infrastructure Sdn Bhd.

Zelan however, did not disclose the development value of the complex. The company is involved in engineering and construction and property development.