The statement of claim alleged that there was no application to extend the lease to Associated Pan Malaysia Cement Sdn Bhd.
Spritzer said the JV with construction firm KNP Development Sdn Bhd presents a good opportunity for the group to establish a foothold in the property development industry.
This is one of the four leasehold lands that Perak Corp bought in 1997 for RM41.
The group said its 99.
“There will be no compromise on the project's quality and safety aspects to ensure that it is a catalyst and driver of Perak's industrial development, and [it will] become the state's new industrial hub.
Perak Menteri Besar Datuk Seri Saarani Mohamad said the cost of implementing the project will be fully borne under the Private Financing Initiative.
Under the JV, Perak Corp will be entitled to a revenue share of 35% based on the net development value while Advancecon will be entitled to 65%.
As part of the regularisation plan, the company had on March 31 this year entered into a master development agreement with PKNPk.
On Dec 16 last year, PKNP had signed a sale and purchase agreement to dispose of the land to LLSB for RM4.