PRG, Mirach Energy to JV in property, construction

PRG Holdings Bhd has entered into a memorandum of understanding (MoU) with Singapore-listed Mirach Energy Ltd for a proposed joint venture (JV) to jointly pursue property and construction projects in Malaysia and elsewhere.

In a filing to Bursa Malaysia, PRG noted that as a start, both parties propose to work together to undertake a main contractor work in relation to the development of an affordable housing project in West Malaysia (first project).

“It is contemplated that Mirach JV Co will be a subsidiary of Mirach and Mirach JV will be appointed as the main contractor of the first project,” the PRG filing noted.

Mirach will fund the initial working capital for the first project and PRG will provide all the construction knowhow and other expertise to enable Mirach JV to carry out its role as the main contractor.