KUALA LUMPUR, Oct 17 — Penang Development Corporation (PDC) board declared termination of the joint venture agreement with UMECH Land Sdn Bhd for the development of Batu Kawan...
Last week, Penang Chief Minister Chow Kon Yeow said that PDC acquired the land in Byram for RM500 million before branded it to BKIP2 and there were collaborations involving Sime Darby Sdn Bhd as the owner part of the land as well. — Bernama picKUALA LUMPUR, Oct 17 — Penang Development Corporation board declared termination of the joint venture agreement with UMECH Land Sdn Bhd for the development of Batu Kawan Industrial Park 2 .
"However, the change in the majority of the equity structure of UMECH Land Sdn Bhd to the extent that there is a change in the party controlling and leading the project that is implemented without notifying and obtaining PDC's official approval is an issue that is taken seriously and cannot be accepted by the PDC Board,” it said.
The board further also highlighted that the collaboration with UMECH Land had underlined a positive impact on the PDC cash flows, which included the commercial aspects and benefits to the development in Penang. However due to the high cost of infrastructure, the collaborations did not materialise and the development of the land was paused for some time before the land was promoted in Dubai Expo, which UMECH Construction had shown interest.
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