PETALING JAYA, January 21: Eastern Oriental Bhd’s (E&O) subsidiary Tanjung Pinang Development Sdn Bhd (TPD) has entered into a supplemental agreement for its 1992 concession to reclaim and develop 980 acre of land known as Tanjung Seri Pinang with the Penang state government.
E&O told Bursa Malaysia in a filing yesterday that the agreement was signed on Jan 20, 2016.
The agreement stipulates E&O’s right to reclaim a 760 acre area by Dec 31, 2022. The area includes a 20 acre replacement area for the coastal road corridor previously reclaimed and surrendered as provided for under the concession agreement.
A total of 119.13 acre of land shall be reclaimed and surrendered to the state arising from phase two of Seri Tanjung Pinang, which includes 131.09 acres at Persiaran Gurney.
TPD will also at its own cost and expense provide the state government with a concept master plan for the proposed park and other public areas, to be developed on part of the 131.09-acre Persiaran Gurney portion.