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- Sunmow said its wholly owned subsidiary, Sunmow Construction Sdn Bhd (SCSB), has entered into a joint venture agreement with Kinabatagan District Council for the proposed development.
KUALA LUMPUR (Nov 15): LEAP Market-listed Sunmow Holding Bhd (KL:SUNMOW) has proposed to undertake a mixed development on a 157-acre land in Pekan Kota Kinabatangan, Sabah, with an estimated gross development value of RM366 million.
In a filing with Bursa Malaysia, Sunmow said its wholly owned subsidiary, Sunmow Construction Sdn Bhd (SCSB), has entered into a joint venture agreement with Kinabatangan District Council for the proposed development.
Under the agreement, the council contributes the land for the project while SCSB as the developer, constructs, finances, and sells the units in the project at its own costs and expenses.
“SCSB through its expertise and resources will bring the district of Kinabatangan a brand-new township with mixed development comprising various industrial, commercial and residential buildings,” Sunmow said.
“The [deal] will provide an opportunity to strengthen Sunmow group’s financial earnings and to expand to diverse complementary revenue streams to deliver value to shareholders,” it added.
Shares of Sunmow closed unchanged at RM1.65 on Friday, giving the company a market capitalisation of RM386 million. Year-to-date, the stock has risen 55.7%.
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