Encorp to develop Felda residential mission in Perlis


PETALING JAYA: Encorp Bhd has signed a joint-venture (JV) settlement with the Federal Land Improvement Authority (Felda) to finish the event of a residential property mission belonging to Felda in Padan Siding, Perlis.

The mission entails the event of low-cost, medium-cost, semi-detached and store homes over two phases of 25 and 21 acres respectively.

In a submitting with Bursa Malaysia, Encorp mentioned Felda had partially developed Section 1 of the mission.

“Such improvement and development has been deferred and Felda is now wanting to rehabilitate and full the event of Section 1 of the mission,” it mentioned.

Below the phrases of the settlement, revenue from Section 1 of the mission will likely be shared on a ratio of 80% for Felda and 20% for Encorp, whereas revenue for Section 2 will likely be primarily based on a 75:25 ratio with Felda taking the bigger share.

Encorp will likely be solely liable for the cost of all improvement prices of the mission, which is estimated at RM57.32mil.

Felda is deemed fascinated about Encorp through Felda Funding Corp Sdn Bhd (FIC), which holds a 62.3% stake in firm.

As well as, Datuk Shireen Ann Zaharah Muhiudeen and Mahadzir Mustafa, the non-independent non-executive administrators of Encorp, are deemed within the JV by advantage of them being the nominees of FIC and have accordingly abstained from board deliberations and voting in respect of the JV.

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