KUALA LUMPUR: Matrix Concepts Bhd has received the nod from shareholders for the proposed acquisition of new land in Negeri Sembilan and a joint venture to develop the land, along with the provision of financial assistance.
The property developer said it secured its shareholders' approval at the annual general meeting on Wednesday for its subsidiary N9 Matrix Development Sdn Bhd to acquire a 1,382-acre tract in the Malaysian Vision Valley 2.0 development corridor for RM460mil.
The acquisition will be satisfied in cash, and financed via internally-generated funds and borrowings.
Also greenlit by shareholders, was the proposal to develop the acquired land into a RM7bil gross development value (GDV) township, in collaboration with Negeri Sembilan state development arm NS Corp under a joint venture, with N9 Matrix serving as the special purpose vehicle.
Matrix Concepts has a 85% stake in N9 Matrix via wholly-owned subsidiary MCHB Development (NS) Sdn Bhd, with the remaining 15% equity interest held by NS Corp.
Following the shareholders' approval, the group will also provide financial assistance to N9 Matrix to fund the future development cost over the land.
According to Matrix Concepts, its balance sheet as at June 30, 2023, reflected a net cash position of RM92mil.
“We are excited to embark on a long-term collaboration with the State Government, advancing Negeri Sembilan’s development through the visionary and transformative MVV2.0 initiative.
"Leveraging our extensive expertise in township development and sustainable planning, we are committed to extending our positive economic impact within the state," said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin in a statement.
