KUALA LUMPUR, Dec 1 — PanaHome Malaysia Sdn Bhd and MKH Bhd (MKH) have signed a joint-venture agreement to set up a subsidiary to undertake design and building construction and boost property development in the country.
The new company, PanaHome MKH Malaysia Sdn Bhd (PanaHome MKH) will have 51% investment from PanaHome Malaysia, a subsidiary of Japanese-based PanaHome Corporation and 49% equity from an MKH subsidiary, Kajang Resources Corporation Sdn Bhd.
In a joint statement, they said PanaHome MKH would focus on conducting building contract works for residential and apartment projects undertaken by MKH.
MKH has developed eight townships with over 35,000 properties in Kajang and Greater Kuala Lumpur, while PanaHome, the housing subsidiary of Panasonic, has built about 470,000 houses in Japan and has expanded its business overseas.
MKH Executive Chairman Tan Sri Alex Chen Kooi Chiew said MKH Panasonic would offer solutions and proposals for housing in Malaysia by combining MKH’s know-how in the real estate development business and PanaHome’s technology, construction expertise and ideas for quality living.
PanaHome Malaysia President Haruhiko Kuwano said the company aspires to elevate housing condition in the market it served.
PanaHome has set a target of 50 billion yen in consolidated sales in the fiscal year ending March 2019 for overseas business and aims to generate 15 billion yen in sales from the Malaysian market, he said.
“The group will accelerate its effort to expand its business and attain its target through the new joint venture company,” Chen added.