KUALA LUMPUR: Media Prima Bhd’s wholly-owned unit, Big Tree Outdoor Sdn Bhd (BTO) has signed a joint venture agreement (JVA) with Seni Jaya Sdn Bhd (SJSB) and Big Tree Seni Jaya Sdn Bhd (BTSJ/JVCO) for an advertising deal on the Mass Rapid Transit’s (MRT) Line.
The deal entails designing, building, operating and transfering advertising media on the MRT Klang Valley-Sungai Buloh-Kajang Line for MRT Corporation.
In a filing to Bursa Malaysia, Media Prima said the share capital of the JVCO shall be capped at RM1 million during the tenure of the JVA.
“The board of directors of the JVCO shall comprise five directors, three of whom shall be nominated by BTO and two shall be nominated by SJSB.
“The parties have agreed to enter into this JVA for the purpose of recording the terms and conditions agreed between them with respect to their joint venture, and for the purpose of regulating their relationship with one another and certain aspects of the affairs and their dealings with and in the JVCO,” it said.
The financial commitment of the joint venture shall be funded from internally generated funds.
The joint venture is not expected to have any material effect on earnings per share, net assets per share, and gearing of Media Prima for the financial year ending Dec 31, 2017. – Bernama