SELANGOR: Pine Properties Sdn Bhd (“PPSB”), a 99.8%-owned subsidiary of IOI Properties Group Berhad (“IOIPG”) a leading public-listed property developer in Malaysia, signed a shareholders’ agreement with MJR Investment Pte Ltd (“MJRI”) recently at Le Meridien Putrajaya.
The signing of the shareholders’ agreement marks a significant milestone towards participation in developing a freehold land measuring approximately 9.6 acres in IOI Resort City, Putrajaya into 676 units of condominium. IOI Resort City is an integrated development crafted by IOIPG which comprises Puteri Palma Condo, GBI-certified IOI City Towers, world class hotels ie Putrajaya Marriott and Le Méridien Putrajaya; the biggest mall in Southern Klang Valley namely IOI City Mall; and an 18-hole championship golf course, Palm Garden Golf Club.
Following the signing of this shareholders’ agreement, PPSB will be disposing 45% of its existing equity stake in PINE MJR Development Sdn Bhd (“PINE MJR”) to MJRI.
The parties will subsequently upon obtaining the relevant approvals increase PINE MJR’s paid-up capital through the subscription of ordinary shares and redeemable non-cumulative preference shares (“RPS”).