Tuesday, 12 June 2018

(NST) PTSB inkes JV agreement for residential, commercial development

KUALA LUMPUR: Tiger Synergy Bhd’s (TSB) unit, Pembinaan Terasia Sdn Bhd (PTSB), has signed a joint-venture (JV) agreement with Harapan Handal Sdn Bhd (HHSB) to undertake a residential and/or commercial development project in Klang, Selangor.

Under the agreement, PTSB will pay RM3 million to HHSB as consideration for the JV, where PTSB will be given the exclusive right to develop and carry out construction on the land in relation to the project.

“The proposed JV will enable TSB to participate and benefit from the business venture, and is expected to contribute positively to the company’s future profitability and cash flow as well as the stability of its future income stream,” the company said in a filing with Bursa Malaysia.

The entire project was estimated to cost approximately RM22.3 million and was slated for completion within the next three years.

TSB said it would finance the proposed JV though internally generated funds and bank borrowings.