KUALA LUMPUR: EKOVEST BHD [] and MALAYSIAN RESOURCES CORP []oration Bhd (MRCB)''took the River of Life project a step further with the signing of a joint venture and shareholders' agreement.
Ekovest said on Tuesday, March 29 they had signed the agreement to regulate their rights and obligations as shareholders of KL Bund Sdn Bhd (KLBSB) -- currently a dormant company -- which would be the project delivery partner for the project.
The River of Life is an Entry Point Project (EPP) identified in the Greater Kuala Lumpur/Klang Valley National Key Economic Area under the Economic Transformation Program (ETP).
Following the agreement, KLBSB will have an authorised and issued and paid-up share capital of RM100 million and RM10 million respectively. Ekovest would hold 60% and MRCB 40% in KLBSB.
Ekovest said they also agreed with the issuance of redeemable preference shares.
'Ekovest will finance its portion of investment in KLBSB through internally generated funds and/or bank borrowings. KLBSB will provide an avenue for Ekovest to participate in one of the government's ETP projects,' it said.
Ekovest said on Tuesday, March 29 they had signed the agreement to regulate their rights and obligations as shareholders of KL Bund Sdn Bhd (KLBSB) -- currently a dormant company -- which would be the project delivery partner for the project.
The River of Life is an Entry Point Project (EPP) identified in the Greater Kuala Lumpur/Klang Valley National Key Economic Area under the Economic Transformation Program (ETP).
Following the agreement, KLBSB will have an authorised and issued and paid-up share capital of RM100 million and RM10 million respectively. Ekovest would hold 60% and MRCB 40% in KLBSB.
Ekovest said they also agreed with the issuance of redeemable preference shares.
'Ekovest will finance its portion of investment in KLBSB through internally generated funds and/or bank borrowings. KLBSB will provide an avenue for Ekovest to participate in one of the government's ETP projects,' it said.
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