KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has received RM1.074 billion from the Employees Provident Fund (EPF) for its 80 per cent subscription in Bukit Jalil Sentral Property Sdn Bhd (BJSP), the special purpose joint venture company undertaking the development of Bukit Jalil Sentral.
The transaction, coming very soon after the Group received RM1.325 billion in settlement for the Eastern Dispersal Link which marked the culmination of MRCB’s four-year Corporate Transformation, strengthens the Group’s balance sheet considerably further, reducing net gearing to 24 per cent.
Bukit Jalil Sentral, which measures 30.81 hectares, is a mixed development project with a gross development value (GDV) of RM21 billion.
The 80 per cent equity interest in BJSP will reside with the EPF’s unit Tanjung Wibawa Sdn Bhd, with MRCB’s subsidiary Rukun Juang Sdn Bhd retaining a 20 per cent equity interest.
“This land will be developed over the course of 20 years, ensuring a sustainable pipeline of construction contracts for the Group in the long term,” said the company in a statement today.
MRCB is a leading urban property and construction company.