KUALA LUMPUR: Encorp Bhd has signed a three way partnership settlement with Felda to finish the event of a residential property undertaking belonging to Felda in Padan Siding, Perlis.
The undertaking entails the event of low-cost homes, medium-cost homes, semi-detached homes and store homes over two phases of 25 and 21 acres respectively.
In a submitting with Bursa Malaysia, Encorp mentioned Felda has partially developed Section 1 of the undertaking.
“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.
Underneath the phrases of the settlement, revenue from Section 1 of the undertaking will likely be shared on a ratio of 80% for Felda and 20% for Encorp, whereas revenue for Section 2 will likely be based mostly on a 75:25 ratio with Felda taking the bigger share.
Encorp will likely be solely accountable for the cost of all improvement prices of the undertaking, which is estimated at RM57.32mil.
Felda is deemed excited about Encorp by way of Felda Funding Corp Sdn Bhd, 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 three way partnership by advantage of them being the nominees of Felda Funding Company and have accordingly abstained from board deliberations and voting in respect of the three way partnership.