KUALA LUMPUR (July 1): Tiger Synergy Bhd has partnered with a private property developer Kemajuan Rowther Sdn Bhd (KRSB), to develop nine plots of land in Kuala Lumpur for an estimated cost of about RM28.51 million.

Tiger Synergy told Bursa Malaysia today that its wholly-owned subsidiary Tiger Synergy Timber Sdn Bhd had on June 30 entered into a joint venture agreement with KRSB to undertake a residential and/or commercial strata units and/or such other development project in respect of the development of the nine plots of freehold land.

Tiger Synergy will finance the proposed joint venture through internally generated funds and bank borrowings.

It will also contribute and bear the entire cost and expense of developing the land.

"The proposed joint venture will enable the company to participate and benefit from the business venture and is expected to contribute positively to the future profitability and the cash flow of the company as well as the stability of its future income stream," Tiger Synergy said.

The expected completion date of the project is three years from the date of the relevant authorities' approval on the layout plan, subject to such extensions of time as may be mutually agreed upon by the parties.

Tiger closed unchanged at five sen today. Year to date, the counter has declined 41.86%.