LBS Bina starts transformation of Zhuhai International Circuit

by **Cals** Tue 22 Mar 2016, 01:38

LBS Bina starts transformation of Zhuhai International Circuit

By Ahmad Naqib Idris / theedgemarkets.com | March 21, 2016 : 7:34 PM MYT

KUALA LUMPUR (March 21): LBS Bina Group Bhd has commenced the upgrading and transformation plan for the Zhuhai International Circuit (ZIC) in China, with the launch of the Melaka Cultural and Trade Center on March 19, 2016.

LBS managing director Tan Sri Lim Hock San said the Melaka Cultural and Trade Centre provides a platform to enhance bilateral relationship between China and Malaysia, specifically Guangdong and Melaka.

The cultural centre is also part of China's "One Belt, One Road" initiative, which aims to revitalise and expand Maritime Silk routes linking Asia to Europe and East Africa.

"The launch of the Melaka Cultural and Trade Center is the first step of what I believe is a remarkable vision of things to come. It is a significant platform for us to showcase the uniqueness of Melaka's heritage to China, and also serves as an exchange channel for goods and services between the two regions.

"The center is one of the three areas in the ZIC Upgrading and Transformation Plan," explained Lim, who is also a member of the Zhuhai Municipal People's Political Consultative Conference.

The Melaka Cultural and Trade Centre will feature a museum that uses the historic voyage of Zheng He to the Far East as its theme, which includes a village modelled after the town of Melaka, with retail spaces showcasing Malaysian-made products.

Besides the cultural centre, the transformation plan also includes the Motor Sports and Services Amenities Zone, comprising the upgrading of the existing race track, the development of a motorsports-themed hotel and an exhibition hall catering to the racing industry.

A tourism zone, which will feature a world-class theme park and factory outlet for premium brands will also be set up as part of the transformation plan.

To recap, the ZIC upgrading and transformation plan was first detailed in a memorandum of understanding between LBS and the Zhuhai Jiuzhou Group Holdings Ltd inked in September 2015.

ZIC is a sino-foreign joint venture formed in 1992 between the Zhuhai Special Economic Zone and Long Yi Enterprise Co Ltd, a subsidiary of Zhuhai Jiuzhou and Lamdeal Investment Ltd (LIL), a Hong Kong-incorporated subsidiary of LBS. LIL is entitled to a profit sharing of 60% in the circuit.

LBS shares fell one sen or 0.64% to close at RM1.55, giving a market capitalisation of RM854.66 million.