KUALA LUMPUR: Naim Indah Corp Bhd’s unit Naim Indah City Development Sdn Bhd plans to develop a 32-storey office tower in Yangon, Myanmar, through a joint venture.
The property developer and manager told Bursa Malaysia that it had inked a memorandum of understanding (MoU) with United Pacific Development Co Ltd to build on the land of the latter’s controlling shareholders, Hla Myint Shwe and Aye Myat Mon.
Naim Indah City will hold a 51% interest in the joint venture while United Pacific will own the rest. The parties will negotiate on the definitive agreement during the three-month period of the MoU.
Naim Indah City is expected to manage and complete the development and construction of the project within four years from the date of joint-venture agreement.
The company did not reveal the estimated cost of the project in the Bursa statement.
Naim Indah Corp closed unchanged at 10.5 sen on Monday.
Source: Business News