News by M

Kimlun Corp Bhd (KL:KIMLUN) said on Tuesday that its wholly-owned subsidiary, Kimlun Sdn Bhd, has accepted the award of three construction contracts in Johor with a combined value of RM617.73 million.

The discussions focused on business opportunities within JS-SEZ, as well as Johor’s economic priorities, and cross-border growth strategies. 

The quit rent rebate is subject to the minimum quit rent rate prescribed, and the new quit rent rates will remain in effect for a minimum period of 10 years as provided under the National Land Code (Act 828).

The meeting was intended to seek unitholder approval for the proposed acquisition of three UOA Business Park assets, and the establishment of an income distribution reinvestment plan.

The proceeds will be utilised to fully refinance the MTNs issued under the Tranche 1 Series 1 of the unrated MTN programme of up to RM950 million, and the existing term loan facility granted by Public Bank Bhd (KL:PBBANK) in favour of AmanahRaya REIT vide Pacific Trustees Bhd.

The first contract was awarded by UDA Land (South) Sdn Bhd, a unit of UDA Holdings Bhd, for the main infrastructure works for the UDA Enclave Project in Bandar UDA Utama, Johor Bahru, valued at RM62.42 million.

The transaction is expected to be completed in the second half of FY2026.

The properties comprise five single-storey detached factories with two-storey office components, occupying about 17 acres of land and with a total built-up area of about 524,077 square feet within AME Elite’s i-TechValley industrial park in Iskandar Puteri.

The project commenced on Dec 16 and it will be completed within 24 months.

She said the initial agenda of her administration was to ensure that Kuala Lumpur, Putrajaya and Labuan become clean territories not only in terms of the environment but also the integrity of governance.