KUALA LUMPUR (July 17): PRG Holdings Bhd has entered into a strategic cooperation agreement with China's Jiangsu Provincial Construction Group Co Ltd (JPC) to jointly undertake infrastructure, property, and construction activities in Malaysia and internationally.

In a statement today, PRG said JPC is one of the pioneers in the construction industry of China and was directly under the Construction Bureau of Jiangsu Province.

It said JPC is a member of the Greenland Group, which was ranked 268th in Fortune Global 500 in 2014 and 40th mainland Chinese enterprise on the list.

PRG said that to date, JPC has completed more than 10,000 construction projects, with an estimated 100 million sq m of construction and 10 million sq m of real estate development.

PRG group managing director Datuk Lua Choon Hann said JPC has an exemplary track record in the construction industry and PRG stands to leverage on its know-how and resources to extract maximum value from the derivable synergy flow.

Lua said the agreement was also in line with PRG Group's business model to form joint ventures with strategic partners that are experienced in property development and construction projects, fitting into the group's strategies and business capabilities.

"This corporate exercise will also provide a good opportunity to diversify the revenue stream of the group," said Lua.

PRG dipped 0.99% or 1 sen to RM1 with 30,000 shares done in the morning session today.