KUALA LUMPUR (July 31): Serba Dinamik Holdings Bhd has inked a heads of agremeent (HoA) with Hill International N.V to jointly undertake the proposed development of the Pengerang International Commercial Centre (PICC) in Pengerang, Johor.
The HoA was inked today, according to Serba Dinamik in a stock exchange filing. The PICC project was initiated by the group, following a memorandum of agreement dated Aug 18 last year.
The HoA sets out the basic principles and understandings between the parties, with a view of entering into the memorandum of understanding (MoU) in relation to the execution of a definitive agreement pertaining to the PICC Project.
The parties will enter into the MoU on or before Aug 31 this year.
Under the HoA, Serba Dinamik will, among others, appoint the necessary consultants, advisers and sub-contractors, design and construct the commercial centre and related infrastructure, as well as provide technology, expertise and know-how to the project.
Hill International, on the other hand, will undertake design management, procurement management, quality management, construction management and facility management for the project.
Serba Dinamik said the HoA represents an opportunity for the group to collaborate with Hill International in the PICC Project and to leverage on Hill International’s vast experience and overseas’ presence.
The signing of the HoA will also allow Serba Dinamik to collaborate with Hill International’s potential luxury tourism destination development project in Indonesia, where the latter company is currently working with a local Indonesian company.
“Serba Dinamik’s presence in Indonesia for the past 10 years will be further enhanced with this participation,” the group said.
Serba Dinamik shares closed unchanged at RM3.90 today, for a market capitalisation of RM5.7 billion.