KUALA LUMPUR (Oct 30): Ajiya Bhd said its unit has entered into a Memorandum of Understanding (MoU) with a subsidiary of the Selangor State Development Corporation (PKNS) to explore collaboration in property projects under PKNS and the Selangor  Government.

In an exchange filing today, Ajiya said the MoU was signed between its unit, Ari Utara Sdn Bhd, and PKNS’ subsidiary PI Brilliant Bhd. PI Brilliant was formerly known as PKNS Infra Bhd.

The MoU, it said, is for both parties to explore possible joint co-operation and strategic ventures in building landed and high rise property for PI Brilliant and projects under PKNS and the Selangor State government.

These include seeking to achieve a mutual understanding in the business of engineering in design, built and construction using the industrialised building system (IBS), as well as to evaluate the provision of services and other business initiatives in relation to the supply of IBS, for the construction and development under the project.

It is also for both parties to reach an understanding over the projects’ feasibility study and proposal on the technical and financial aspects, said Ajiya.

The MoU will remain in force for a period of six months from the date of signing.  

Shares in Ajiya settled unchanged at 58 sen today, valuing the building material manufacturer at RM173.77 million.