KUALA LUMPUR (May 22): TSR Capital Bhd’s wholly-owned subsidiary and US-based Globe Ventures Holdings Inc (GVHI) propose to jointly develop a mixed development project on 21.12ha of land at the Port Dickson waterfront in Negeri Sembilan.
The development would comprise residential, resorts and hotels, commercial and corporate buildings tailored for the tourism and services industry.
TSR Ocean Park Sdn Bhd (TSROP) and GVHI signed a memorandum of Understanding (MoU) and Memorandum of Agreement (MoA) on May 20 which will remain in force for a year, and six months, respectively, said TSR in a bourse filing today.
Incorporated in Nevada, US, GVHI is wholly-owned by Terafox Corp, which is listed on the OTCQB, a middle-tier market for over-the-counter (OTC) stocks operated by the OTC Markets Group Inc.
GVHI provides institutional and private client wealth management solutions, including asset management, investment processing and investment operations.
The MOU and MOA would provide an opportunity for TSROP to bring in GVHI to invest or jointly develop as well as pool resources and utilise the parties’ strength to jointly develop part of the development land, TSR said
Under the MoU, the companies aim to set the terms governing the collaboration, with plans to establish a developer and investor or venture partner cooperation relationship relating to the mixed development.
Whereas under the MoA, the companies plan to set up a special purpose vehicle (SPV) to undertake the development of a water chalet resort on 2.77ha of land in the area.
“TSROP and GVHI shall inject their equity and/or advances according to their agreed proportion. The parties agreed to share the equity shareholding for the proposed chalet at 51% (TSROP) and 49% (GVHI),” it added.
At 10.43am, TSR, which halted trading for an hour from 9.12am for the announcement, saw share price dip one sen or 1.23% to 80.5 sen ith 396,600 shares done for a market capitalisation of RM140.4 million.