KUALA LUMPUR: Perak Corporation Bhd
has appointed Advancecon Development Sdn Bhd as a joint venture partner for the development of the main infrastructure for the Silver Valley Technology Park (SVTP) in Perak.
In a filing with Bursa Malaysia today, Perak Corp said the appointment also includes the sale of completed industrial lots with main infrastructure on 39 parcels of leasehold land measuring 323.04 hectares in Kinta, Perak, for RM1.03 billion in total gross development value.
"As Perak Corp is classified as an affected listed issuer under Practice Note 17 (PN17), the proposed joint development provides an avenue for the company to raise funds to channel towards the group’s business operations, which will improve the group’s overall cash flow position as well as strengthening its financial position as part of its regularisation effort.
"The proposed joint development is part of the measure to raise the necessary cash required for the group’s business regularisation plans, which are still in the midst of being finalised,” it said.
Perak Corp said the company and Advancecon should be entitled to a revenue share of 35 per cent and 65 per cent, respectively, based on the net development value.
It said a requisite announcement will be made for its proposed regularisation plan in the fourth quarter of 2023.
The company added that the five-year proposed joint development is expected to contribute positively to Perak Corp’s earnings per share and net assets per share for the financial year ending Dec 31, 2024 onwards until the expiry of the exercise. - Bernama
