KUALA LUMPUR (Aug 18): Sunsuria Bhd is tying up with Oride (M) Sdn Bhd to introduce a bicycle sharing programme in its flagship development Sunsuria City, a 525-acre freehold integrated township that has an estimated gross development value of RM10 billion.
In a filing with Bursa Malaysia, Sunsuria said its 99.99%-owned indirect subsidiary, Sunsuria City Sdn Bhd (SCSB) and its 99.99%-owned direct subsidiary, Sunsuria Gateway Sdn Bhd (SGSB) had inked a joint venture and shareholders agreement (JVA) with Oride to set up a joint venture company (JVco) called Sunsuria Oride Sdn Bhd for the business to operate in the 375 acres owned by SCSB in Dengkil, Sepang.
“The JVA aims to deliver the promise for a smart, livable and sustainable township. The parties are committed in promoting healthier and eco-friendly lifestyle that embraces innovation and community interaction,” it added.
Oride is a private limited company that trades, designs and assembles public bike-sharing systems, electric bicycles and related electric commuters.
Under the agreement, Sunsuria said SCSB will hold 65% of Sunsuria Oride’s authorised share capital, while SGSB will hold 5%, and Oride take the remaining 30%. SCSB and SGSB shall fully subscribe for stakes in the Sunsuria Oride, with cash from internal funds.
Sunsuria said the bicycle sharing programme will be rolled out with the introduction of bicycle-friendly and pedestrian-friendly walkways across key components of Sunsuria City, starting from Xiamen University Malaysia to the Express Rail Link Salak Tinggi train station.
“With plans to expand the bicycle stations across the entire township, dedicated and special bicycle lanes will be built to help promote a healthier lifestyle in Sunsuria City. With this in place, Sunsuria hopes to reduce the need for personal vehicle trips and to encourage the habit of cycling within the community,” it added.
The JVA is not expected to have any material effect on the consolidated net assets and gearing of Sunsuria Group for the year ending Sept 30, 2016.