Thursday, July 7, 2011

I-Bhd gets 21-year concession from Selangor state

KUALA LUMPUR: I-BHD [] has inked a 21-year concession agreement with the Selangor state government to develop the i-City Area as a Technopreneur Campus.

In a filing Thursday, July 7, the company said its wholly owned unit I-City (Selangor) Sdn Bhd had entered into a management and development agreement with the Selangor state and Shah Alam city council to develop the area.

It said the concession was subject to revision of every five years for I-City Selangor to operate the project.

I-City Selangor is principally involved in the development and management of i-City, Shah Alam as a MSC Malaysia Cybercentre.

I-Bhd said the objective of the agreement was to define the parameters for the development and management of i-City as a knowledge hub, tourism destination and as an international park.

It said I-City Selangor would be authorised to manage, operate and maintain the i-City Area throughout the concession period for which it would be reimbursed by MBSA up to 70% of the assessment charges paid by the owners of the PROPERTIES [] in the i-City Area.

Other terms include the state government granting I-City Selangor a temporary occupation licence for 30 acres of neighbouring land for 21 years; the plot ratio of the i-City development area could be increased from the current overall of 1:3 to 1:5; the Bumiputera sales quota for all the plots in the i-City development would be 30%; and I-City Selangor would be allowed to establish and carry out the approved outlets and activities anywhere within the i-City Area on a twenty four (24) hours per day basis.

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