Titijaya up 8.62% on partnering Tokyu Land to develop RM1.5b Riveria City

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KUALA LUMPUR (Dec 17): Titijaya Land Bhd shares rose 8.62% this morning after it teamed up with Japan's Tokyu Land Corp to jointly build and promote the RM1.5 billion Riveria City development in Brickfields, Kuala Lumpur, to Malaysian and foreign markets.

At 9.14am, Titijaya rose 2.5 sen to 31.5 sen, for a market capitalisation of RM424.38 million.

Titijaya said it had on Dec 13, signed a shareholders’ agreement with Tokyu Land's overseas subsidiary Tokyu Land Asia Pte Ltd (TLA), and Riveria City Sdn Bhd (RCSB) — a subsidiary of Titijaya, to regulate the affairs of RCSB and the respective rights of Titijaya and TLA as shareholders of RCSB, and to jointly participate in the development.

Under the partnership, TLA will invest RM80 million in RCSB, of which RM40 million is for equity participation, while another RM40 million will be utilised for project financing.