KUALA LUMPUR (June 22): Sinmah Capital Bhd is partnering with the Kuala Lumpur Football Association (KLFA) to develop a plot of land in Setapak measuring 15,929 sq meters into a mixed development.
In a bourse filing, Sinmah said its wholly-owned subsidiary Sinmah Properties Sdn Bhd had on June 22 inked a joint venture agreement with KLFA for the proposed project.
Under the agreement, Sinmah Properties will complete the project within five years. KLFA, which will be entitled to consideration sums stated in the agreement on completion of the project — the sums were not disclosed — will grant Sinmah Properties a two-year extension to complete it should unforeseen circumstances arise.
Sinmah said the project represents an opportunity for it to further capitalise on its experience and expertise in property development.
“This bodes well with the company’s strategy to grow its property development segment either through acquisition of land bank or joint ventures with landowners,” the group said, adding that the project is expected to contribute positively to its earnings per share over the long term.
Sinmah shares closed two sen or 25% higher at 12 sen on Wednesday, giving the group a market capitalisation of RM40.51 million.