Sapura Res in pact to develop KLCC land

Sapura Resources Bhd has entered into a joint venture agreement with KLCC (Holdings) Sdn Bhd for the development of land measuring 7,605 square metres adjacent to the KLCC Convention Centre.

Under the agreement, Sapura Resources would purchase 51 per cent stake in the joint venture vehicle, Impian Bebas Sdn Bhd, for RM110.678 million cash from KLCC Holdings which would continue to hold the remaining 49 per cent.

"The proposed joint venture is still subject to, amongst others, approval being obtained from the board of directors of Sapura Resources," the company said in a filing to Bursa Malaysia today.

It said the project would include a premier office tower, a convention centre or exhibition hall and a retail podium.

Funding for the project would be by way of equity by the parties into Impian Bebas in the agreed proportions and the external funding to be obtained by Impian Bebas.

"In the event such external funding is not obtained by Impian Bebas, or such funding or financing are obtained but are insufficient, the financial requirements of Impian Bebas shall be met by way of advances from the parties in the agreed proportions or such other fund raising methods as the Board of Impian Bebas deems fit," Sapura Resources said. -- Bernama