Perak Corp to raise RM63.5m from entitlement to joint development project with ARX-YSC
This is one of the four leasehold lands that Perak Corp bought in 1997 for RM41.
This is one of the four leasehold lands that Perak Corp bought in 1997 for RM41.
Under the JV, Perak Corp will be entitled to a revenue share of 35% based on the net development value while Advancecon will be entitled to 65%.
As part of the regularisation plan, the company had on March 31 this year entered into a master development agreement with PKNPk.
On Dec 16 last year, PKNP had signed a sale and purchase agreement to dispose of the land to LLSB for RM4.
The parcel of land comes together with a one-storey commercial shopping complex and a one-storey temporary building comprising a futsal court and a commercial lot.
In a filing with Bursa Malaysia on Thursday (Aug 17), Perak Corp said it had on Wednesday entered into a supplemental agreement to the JVA entered into on Sept 10, 2019 with ARX-YSC to vary certain terms of the JV.
Majuperak is selling back the stake in Nexusbase Development Sdn Bhd to the vendor at the original sum of RM12.
Perak Corp acquired the land on Sept 23, 2013 at the cost of RM2.