KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd has teamed up Johor Corp's unit JLand Group Sdn Bhd to develop a high-tech logistics industrial park on a 300-acre land at Sedenak Technology Valley in Johor.
Tiong Nam said its wholly-owned Tiong Nam Logistics Solutions Sdn Bhd (TNLS) had signed a joint venture agreement with JLand.
This followed on from a preliminary collaboration agreement announced in August 2022 that encapsulated both parties' commitment to undertake the development.
"The industrial park aims to attract foreign and domestic enterprises and serve as a key node in their supply chain management. The development will comprise ready-built and customized warehouses, factories, and commercial buildings, as well as integrated logistics infrastructure for global businesses."
A JV company, JTN Logistics Park Sdn Bhd, would be used as the vehicle to undertake the acquisition of the 300-acre land, as well as development and management of the industrial park, Tiong Nam said today.
Under the JV agreement, TNLS will hold 51,000 ordinary shares, representing a 51 per cent stake while JLand will hold the remaining 49,000 ordinary shares or 49 per cent stake.
JTN will acquire the development land from JLand for RM52.3 million or RM4.00 per square foot.
The land has a leasehold period of 99 years and is currently under the ownership of JCorp, and will be procured by JLand before its sale to JTN.
Tiong Nam managing director Ong Yoong Nyock said the logistics industrial park was envisioned to attract significant foreign and domestic investments into Johor.
"Our JV with JLand is a recognition of our capabilities and a major milestone in our track record in transforming Johor's logistics landscape over the past four decades," Ong added.