Wednesday, October 12, 2011

Berjaya Vacation Club, PT Lion Mentari JV plan off

KUALA LUMPUR: BERJAYA LAND BHD []'s subsidiary Berjaya Vacation Club Bhd has called off the proposed joint venture with PT Lion Mentari to undertake a charter and schedule flight operator company.

Berjaya Land Bhd said on Wednesday, Oct 12 the proposed JV was terminated as both parties could not finalise the terms of the shareholders' agreement and other related arrangements.

'The termination will not have any effect on the consolidated earnings and net assets of B-Land for the current financial year ending April 30, 2012,' it said.

To recap, on June 6, B-Land said Berjaya Vacation Club planned to team up with PT Lion Mentari to jointly operate and develop the business operations of Berjaya Air Sdn Bhd (B-Air).

The charter and schedule flight operator company would be on a 51:49 equity basis. B-Air is presently a 99.7%-owned subsidiary of BVC which in turn is a 100%-owned subsidiary of B-Land.

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