KUALA LUMPUR: TSR Capital Bhd has signed a memorandum of understanding (MoU) with Terusan Al-Maju Sdn Bhd to develop 76 acres (30.76ha) of land in Langkawi into a high-end mixed development.
The project will include the development of residential units, a resort, hotels, and commercial and corporate buildings to cater to the tourism and service industry, TSR said in a filing with Bursa Malaysia yesterday.
Terusan Al-Maju is principally involved in property investment and is the owner of the land.
“The parties shall, if necessary, form and establish a joint-venture company to undertake the mixed development,” TSR said in the filing.
The MoU is valid for one year and is subject to any extension mutually agreed upon by the parties, it said.
Shares in TSR gained 1.5 sen yesterday at 58.5 sen. The stock had risen to a 10-month high after it announced on Wednesday that it had secured an RM119.74 million contract from the East Coast Economic Region Development Council to build a port link road in the Kuantan Port City, Pahang.