Edited by: Sheera Abg Mansor
KUALA LUMPUR: An industrial land in Selangor will be developed by the joint-venture of Eco World Development Group Bhd (EWDG) and China state-owned PowerChina Group Ltd with an estimated gross development value of RM850 million.
Both parties signed a conditional joint-venture and land purchase agreement today to develop Phase 2 of Eco Business Park V (EBP V) in Puncak Alam.
EcoWorld Group chairman Tan Sri Liew Kee Sin as quoted in New Straits Times said the partnership with PowerChina will position Eco Business Park V as a strategic industrial hub for manufacturers from China looking to relocate to Southeast Asia.
Liew said, with more foreign investors coming in to their high technology industrial parks, Eco Business Park V would offer high skilled employment opportunities for the people of Selangor.
While PowerChina Group chairman Xia Jin also as quoted in New Straits Times said, the joint-venture serves as a platform for “peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit for both countries.”
The agreements will witness PowerChina buying 117.35 acres of industrial land from Paragon Pinnacle Sdn Bhd, a 60:40 joint-venture owned by EcoWorld and the Employees Provident Fund, for RM240.2 million.
Both companies will establish a 60:40 joint-venture company dubbed Eco World PowerChina Business Park Sdn Bhd, to develop Phase 2 of EBP V.
Source: New Straits Times