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EPF wants to own part of land under MRCB unit

The EPF wants to have a stake in a piece of land in Kuala Lumpur from a unit of MRCB.

The EPF wants to have a stake in a piece of land in Kuala Lumpur from a unit of MRCB.

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Written by Syndicated News

KUALA LUMPUR — April 25, 2016: The Employees Provident Fund (EPF) has given a letter of intent to a unit of Malaysian Resources Corporation Berhad (MRCB), Rukun Juang Sdn. Bhd. (RJSB), to subscribe for an equity interest in a piece of land belonging to RJSB.

The piece of land in Kuala Lumpur measuring approximately 28.13 acres is in exchange for the proposed refurbishment and upgrading of the National Sports Complex in Bukit Jalil by RJSB.

EPF will subscribe for an 80 per cent equity for a total consideration of RM421.52 million. MRCB will subscribe for the balance.

“Unless otherwise agreed by MRCB and EPF or unless in the event of disagreement between the two, upon the completion of the sale and purchase of the interest, MRCB or any of its related corporations will be appointed as the main contractor or project delivery partner in respect of the development of the Exchange Land 1 at such terms and conditions and such fee and remuneration to be negotiated and agreed upon in good faith between MRCB and EPF in a joint venture agreement or any other written instrument.”

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