Bandar Raya Developments Bhd (BRDB) is teaming up with Multi-Purpose Holdings Bhd (MPHB) group to develop several parcels of land measuring a total of 670.7 acres belonging to the latter in Penang, Rawang and Gombak.
In a statement yesterday, BRDB said it had on the same day entered into three separate memoranda of understanding (MoUs) with MPHB to record their intention to collaborate with each other on the proposed development of the land in Penang (80 acres), Rawang (266.7 acres) and Gombak (324 acres).
BRDB said it would conduct a feasibility study on all the proposed projects within six months, or longer as the parties may mutually agree.
MPHB group is involved in the operation and management of a licensed four-digit numbers forecast betting game, investment holding and trading, operation of insurance business, securities broking and dealing, provision of general loan financing services, operation of hotels, property development and property investment, and provision of computer software and other related services. Vijeyaratnam Thamotharam Pillay is a common director of BRDB and MPHB.
This article appeared in The Edge Financial Daily, July 14, 2010.
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