A wholly owned subsidiary of Kerjaya Prospek has entered into a joint venture agreement with Aspen Vision City Sdn. Bhd. for the purpose of jointly developing a freehold land situated in Aspen Vision City, Batu Kawan via a special purpose vehicle.
Under the agreement, Kerjaya will hold 70% and 30% of shares in the SPV will be owned by Aspen.
Plans for the JV is to develop the land into a mixed development comprising hotel, residences, serviced apartments,
retail units and/or office blocks in accordance with development approvals. Aspen is to transfer the land to the SPV whereby the company is to receive RM46 million for the land.
For the purposes of the Joint Venture and the JVA, KPJV and AVC have agreed that their respective shares participation in the SPV shall be 70% and 30%, respectively, subject to the terms and conditions as stipulated in the agreement.
