KUALA LUMPUR: DPS Resources Bhd
’s wholly-owned subsidiary DPS Energy Sdn Bhd (DPSE) has entered into a joint venture agreement (JVA) with Mutiara Mahajuta Sdn Bhd for the development of a 170-acre land in Alor Gajah, Melaka.
In a filing with Bursa Malaysia, DPS said the collaboration will spearhead innovative projects in agro-tourism, crops, bio-farming, renewable energy, solar farms, and aquaponics.
Mutiara has secured collaborative agreements with individual landowners for a comprehensive, long-term development of the land in three phases over an initial tenure of thirty years, with an option for a fifteen-year extension.
The first phase of the project will focus on developing agro-tourism attractions, cultivating crops, and establishing bio-farms and aquaponics systems. The second phase will shift focus to renewable energy, primarily through the development of a solar farm.
In the third phase, Mutiara will undertake mixed development projects, including residential, commercial, and industrial components.
The project duration is set between 21 to 25 years, with DPSE holding the first right of refusal for further solar farm development or mixed-use projects.
According to DPS, the profit-sharing structure allocates 35% of net profits to Mutiara and 65% to DPSE.
“Our collaboration with Mutiara Mahajuta is a strategic move to leverage our expertise in green energy and engineering services. This project aligns with our sustainable growth strategy also also contributes to Malaysia’s renewable energy targets.
“We are committed to driving innovation in agro-tourism and renewable energy, ensuring long-term benefits for our stakeholders and the community,” DPS executive chairman Tan Sri Sow Chin Chuan said in a statement.
