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KUALA LUMPUR (July 13): Ivory Properties Group Bhd is teaming up with Taman Segar Management Corp and Upper Label Sdn Bhd to form a strategic alliance to jointly re-develop a piece of land here.
In a filing with Bursa Malaysia yesterday, Ivory said it has entered into a Memorandum of Understanding (MoU) with the two companies for the proposed project.
Under the MoU, Ivory, Taman Segar Management and Upper Label will work together to re-develop the project land by demolishing three existing blocks of 300 units on the land and build at least 800 units, of which 300 units will be compensation for the existing unit owners.
"The parties desire to join their skills, experience and resources to work together to re-develop the project land for mutual interest and benefit and to provide better homes for the existing unit owners on the land," said Ivory.
Ivory shares closed 1.5 sen or 3.75% at 41.5 sen yesterday, with 321,200 shares done, bringing a market capitalisation of RM203.38 million. — theedgemarkets.com
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