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The joint venture will also develop a land in Kuala Lumpur, which will be transferred to TKLM in exchange for Matrade Centre. TKLM is a wholly owned subsidiary of Naza TTDI Sdn Bhd.
In a filing to Bursa Malaysia on Dec 22, 2009, KJB said it has expressed interest to participate in the venture jointly with TKLM via a special purpose vehicle to be known as TTDI Jetson Sdn Bhd.
KJB and TKLM will subscribe for 49% and 51% equity interest in TTDI Jetson respectively pursuant to the proposed shareholders’ agreement,” it said.
The total capital and investment outlay by KJB in relation to the ventures is expected to be funded internally via generated sources, proceeds from fund-raising exercises undertaken by the company and/or borrowings.
Upon obtaining the approval from the shareholders of KJB for the proposed shareholders’ agreement, TTDI Jetson and TKLM shall then enter into a development agreement to appoint TTDI Jetson as the developer to plan, design, construct including interior design of the Matrade Centre.
It will also be granted the exclusive right to develop the exchange land into a mixed development provisionally as Naza KL Metropolis Development.
Once completed, the Matrade Centre would be the largest exhibition centre in Malaysia, and is believed to be a new iconic development for the country.
The board expects the proposed shareholders’ agreement to be implemented not later than the first quarter of 2010.
