Friday 29 Mar 2024
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KUALA LUMPUR (Aug 17): Serba Dinamik Holdings Bhd is formalising its joint venture with Izin Budi Sdn Bhd to develop a land measuring 15.87 acres in Bukit Pelali, Pengerang, Johor.

Serba Dinamik Sdn Bhd (SDSB), a wholly-owned unit of Serba Dinamik, inked a joint venture agreement (JVA) with Izin Budi, the company said in a stock exchange filing today. 

This is a follow-up to a Memorandum of Agreement (MoA) inked by Serba Dinamik with Izin Budi in relation to the proposed development — which forms part of the larger 132-acre Pengerang Integrated Development Project (PIDP) — that it mooted in August last year.

Under the JVA, the land will undergo industrial and commercial developments. SDSB will be the lands' developer, the filing said. The unit will be responsible for the construction and completion of all development works, as well as for marketing, sales and leasing of upcoming properties.

Meanwhile, SDSB will appoint Perisind Samudra Sdn Bhd (PSSB) as project management consultant for the development, as proposed during the MoA. PSSB is PSSB) an affiliate of Izin Budi.

The 132-acre PIDP will also feature Malaysia’s first oil and gas maintenance, repair and overhaul (MRO) inspection, repair and maintenance (IRM) Global Centre of Excellence and an 18-acre plant turnaround village — mainly to strategically complement Petronas’ neighbouring Pengerang Integrated Petroleum Complex (PIC).

"The board is of the view that the JVA will have a positive impact to the future earnings of Serba Dinamik Group, given that under the JVA, the Serba Dinamik Group shall be in position to financially gain from the EPCC portion of the development project, and the group would also be able to establish Malaysia’s first oil and gas MRO and IRM Global Centre of Excellence within the PeIP (Pengerang eco-Industrial Park), which is envisaged to benefit from Petronas’ RAPID (which is to be situated within close proximity of the development project)," the filing added. 

Serba Dinamik shares closed 2 sen or 0.52% higher at RM3.85 today, giving it a market capitalisation of RM5.7 billion.

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