KUALA LUMPUR (May 29): Anzo Holdings Bhd is partnering with a landowner to develop a car showroom centre with four blocks of office towers, worth an estimated gross development value of RM420 million, on a plot in Petaling Jaya, Selangor.

Anzo's wholly-owned unit Harvest Court Properties Sdn Bhd inked a collaboration agreement (CA) with the owner of the 2.87-acre land, Captivate Max Sdn Bhd, today.

In a Bursa Malaysia filing, Anzo said the two companies which are in the midst of negotiations on the partnership, have agreed that a joint venture agreement (JVA) shall be executed between them to set out the scope of their partnership on the development.

Harvest Court will be commencing its due diligence on the land on execution of the CA, said Anzo. The CA would be automatically terminated, if the JVA is not executed within nine months from today, it added.

The CA is not expected to impact its share capital or shareholding structure, but should "have a positive contribution to the group's earnings per share and net assets per share", once the agreement is commercialised, the filing further read.

At 3.52pm, Anzo shares dipped one sen or 4.26% to 22.5 sen, after 8.32 million shares were done, for a market capitalisation of RM72.3 million.