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KUALA LUMPUR (May 31): LBS Bina Group Bhd has said it is still positive on its joint venture with China's local investment arm Zhuhai Jiuzhou Group Holdings Ltd, as the company expects to obtain planning and layout approvals for the project within the next few months.
"We have submitted all the necessary documents [for the planning and layout approvals] at the beginning of this year, so we are hoping to get the approval within these [next] few months," its chairman Tan Sri Lim Hock San told reporters after the group's annual general meeting today.
LBS had in September 2015 signed a sino-foreign joint venture with Zhuhai Jiuzhou, an investment arm of the Zhuhai City government, in which Zhuhai is to upgrade and transform the Zhuhai International Circuit (ZIC), with the development including a motor racing track, hotel, and theme park.
The project falls under the group's motor racing circuit segment, which saw a loss before taxation in its financial year ended Dec 31, 2016 (FY16) of RM8 million from RM15 million in FY15.
Lim added that the group is now only awaiting the planning approvals in order to proceed with the next step of the layout process with the design consultants.
"This is a big project as it will include[, among others,] a theme park, a factory outlet and other commercial activities outlets," Lim added.
Lim also added the group plans to leverage on the further enhancement of the 264-acre ZIC land with the completion of the 29km long bridge that will link Hong Kong, Zhuhai and Macau, which is expected to be completed by the end of 2018. — theedgemarkets.com
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