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NewsWeida ventures into property investment, development
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Weida ventures into property investment, development
by Cals Tue 17 Sep 2013, 03:09
Published: Saturday September 14, 2013 MYT 12:00:00 AM
Updated: Saturday September 14, 2013 MYT 6:44:12 AM
Weida ventures into property investment, development
PETALING JAYA: Weida (M) Bhd has proposed to further diversify its businesses into property development and investment.
Weida, on Jan 31, announced that Good Axis Sdn Bhd (GASB), a wholly-owned subsidiary of Weida Properties Sdn Bhd, which is in turn a wholly-owned subsidiary of the Weida group, had entered into a joint-venture agreement with Bright Axiom Sdn Bhd (BASB).
The agreement is for the joint development of all the piece of freehold agriculture land in Mukim Batu, Tempat Sungai Teba, Kuala Lumpur.
“The land measuring a total of about 2.93 acres or better known as Mont’ Kiara land will be developed into residential and commercial premises,” it said in a filing with Bursa Malaysia yesterday.
Pursuant to the joint venture, Weida said GASB would undertake the Mont’ Kiara development and would be responsible to secure all financing and loan facilities required for the entire costs and expenses of the project.
This is including for the acquisition of the land.
“BASB had entered into a sale and purchase agreement with the vendors of the Mont’ Kiara land on Dec 22, 2012 to purchase the land,” it said.
The sale and purchase agreement is pending completion as at the date of this announcement.
Weida is currently involved in the manufacture and marketing of polyethylene, environmental engineering services and plantation.
Updated: Saturday September 14, 2013 MYT 6:44:12 AM
Weida ventures into property investment, development
PETALING JAYA: Weida (M) Bhd has proposed to further diversify its businesses into property development and investment.
Weida, on Jan 31, announced that Good Axis Sdn Bhd (GASB), a wholly-owned subsidiary of Weida Properties Sdn Bhd, which is in turn a wholly-owned subsidiary of the Weida group, had entered into a joint-venture agreement with Bright Axiom Sdn Bhd (BASB).
The agreement is for the joint development of all the piece of freehold agriculture land in Mukim Batu, Tempat Sungai Teba, Kuala Lumpur.
“The land measuring a total of about 2.93 acres or better known as Mont’ Kiara land will be developed into residential and commercial premises,” it said in a filing with Bursa Malaysia yesterday.
Pursuant to the joint venture, Weida said GASB would undertake the Mont’ Kiara development and would be responsible to secure all financing and loan facilities required for the entire costs and expenses of the project.
This is including for the acquisition of the land.
“BASB had entered into a sale and purchase agreement with the vendors of the Mont’ Kiara land on Dec 22, 2012 to purchase the land,” it said.
The sale and purchase agreement is pending completion as at the date of this announcement.
Weida is currently involved in the manufacture and marketing of polyethylene, environmental engineering services and plantation.
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