KUALA LUMPUR: Ekovest Bhd and Malaysian Resources Corporation Bhd (MRCB) took the River of Life project a step further with the signing of a joint venture and shareholders’ agreement.

Ekovest said on Tuesday, March 29 they had signed the agreement to regulate their rights and obligations as shareholders of KL Bund Sdn Bhd (KLBSB) -- currently a dormant company -- which would be the project delivery partner for the project.

The River of Life is an Entry Point Project (EPP) identified in the Greater Kuala Lumpur/Klang Valley National Key Economic Area under the Economic Transformation Program (ETP).

Following the agreement, KLBSB will have an authorised and issued and paid-up share capital of RM100 million and RM10 million respectively. Ekovest would hold 60% and MRCB 40% in KLBSB.

Ekovest said they also agreed with the issuance of redeemable preference shares.

“Ekovest will finance its portion of investment in KLBSB through internally generated funds and/or bank borrowings. KLBSB will provide an avenue for Ekovest to participate in one of the government’s ETP projects,” it said.