It is in line with the company’s strategy to diversify the business instead of depending solely on its existing core M&E engineering business
by PRIYA VASU / pic source: Bintai Kinden
BINTAI Kinden Corp Bhd has signed a memorandum of understanding (MoU) with Charter Built Sdn Bhd (CBSB) to jointly develop a piece of industrial land near Kuala Lumpur International Airport.
The industrial land measuring 36ha has a potential gross development value (GDV) of not less than RM700 million, the company said in a statement yesterday.
CBSB is principally involved in the business of civil and structural works, project management consultancy and engineering, procurement, construction and commissioning contractual works.
Pursuant to the MoU, Bintai and CBSB have mutually agreed to negotiate exclusively in good faith on the structures and terms of the proposal, which will be mutually beneficial and synergistic, with the intention to finalise and enter into the definitive agreements.
Deputy CEO of Bintai Azri Azerai (picture) said that the MoU is in line with the company’s strategy to diversify the business instead of depending solely on its existing core mechanical and electrical (M&E) engineering business.
“Bintai group has past experiences and expertise in undertaking and completing various construction of property development and related projects across a span of 36 years.
“The joint development to develop a piece of industrial land with CBSB will add another project portfolio to the group,” he added.
The MoU shall be valid for a period of one year from yesterday, and may be further extended by mutual agreement in writing of both parties.