Sheraton Johor Bahru will be part of an upcoming mixed-use development comprising several commercial developments, including a retail podium and office spaces, along Jalan Storey in Johor Bahru.
Pestech added that during this two-year extension period, PTech received no loss or expense payments for the contract prolongation.
On track to declare 1st tranche dividend of at least RM300 million.
“The proposed disposals are undertaken for the purpose of reducing the cost associated with maintaining the loss-making subsidiary, ie Signature Facade and thereby improving the balance sheet of Signature Group.
“All the hotels and experiential centre will be [located] at the nine towers [while] the lifestyle and entertainment [centre] will be at the 135-acre [parcel] where Encore Melaka [currently] sits, therefore pulling a lot of tourists into Melaka in the future.
With a gross development value of RM11 billion and spanning over 26.
The purpose of the facility is to finance the construction of Stage 1 of Norwest Quarter, a mixed use residential apartment development in Norwest, Australia, said the group in a bourse filing on Tuesday (May 2).
Datuk Teow Leong Seng, president & CEO: “The proposed capital reduction is a concrete first step towards the realisation of EcoWorld International’s commitment to meet our targeted distribution of RM900 million to our shareholders as earlier announced.
The unit also successfully obtained from the court a prohibitory injunction against Fivestar from filing any winding-up petition against JKID, together with general damages to be assessed from Fivestar.
Upon completion of the acquisition, the group said it will have an aggregate landbank of 30.
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