Hanshin Properties & Ireka Corp. join hands to develop Rimbun Project
Category: #world  By Saipriya Iyer  Date: 2018-04-11
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Hanshin Properties & Ireka Corp. join hands to develop Rimbun Project

Ireka Corp Bhd, a Malaysia-based construction engineering firm, has apparently signed a joint venture with the Hankyu Hanshin Properties Corporation, a Japanese ground transport company. The JV has been inked for developing the Rimbun Kasia venture in the Nilai town of Malaysia, say sources.

As per the terms & conditions stated in the agreement, Ireka will sell either 2.31 million stocks or its 8.03% share in Meadowfield Sdn Bhd to Hankyu for nearly RM6 million. It is believed that in the initial tranche Hankyu will purchase 9.61 million new shares of Meadowfield worth approximately RM25 million. The strategic move will help the Japanese Organization in acquiring nearly 25.08% of ownership rights in Meadowfield. In the second tranche, Hankyu is expected to buy out 9.71 million new stocks of Meadowfield for RM 25.25 million.

With the purchase of the ownership rights in Meadowfield, Hankyu will have the proprietorship of 45% of Meadowfield stocks with Ireka holding the rest. The selling of the shares will help Ireka in increasing its revenues by RM3.22 million, an increase of 1.72 sen per share for the financial year closing on March 31, 2019. According to Ireka, the share selling activities are likely to culminate by the end of April 2019, with the first and second tranche of share subscriptions to end by April 2018 and April 2019 respectively.

Reports state that the Rimbun Kasia venture consists of five packages of residential units and one package of commercial unit spanning over 30.56 acres of land area. Ireka has declared that the strategic joint venture will focus on the construction of the new Rimbun project, encompassing 382 residential complexes in a nine-storeyed block, and another package of land area consisting of 465 residential complexes in the two blocks of 29 and 19 storeys constructed in it. As per sources familiar with the matter, the project will have a joint gross development valuation of more than RM400 million.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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