KUALA LUMPUR: Medini Iskandar Malaysia Sdn Bhd's wholly-owned subsidiary Township Management Services Sdn Bhd and UEM Sunrise Edgenta TMS Sdn Bhd (UEMSET) have formed a joint venture company to provide integrated facilities management services for Medini Iskandar in Johor.
The yet-to-be-named JV company will start with rollout of its services to UEM Sunrise property in Nusajaya in 2Q2016, said UEM Edgenta Bhd managing director and CEO Azmir Merican.
The JV has an initial paid-up capital of RM5.5 million, giving UEMSET a 70 per cent stake, and Medini Iskandar Malaysia's Township Management Services the remainder 30 per cent holding in the new unnamed entity.
At a press conference held in conjunction with the signing of the joint venture shareholders agreement between UEM Sunrise Edgenta TMS and Township Management Services, the parties revealed that UEMSET is made up of 70 per cent shareholding by UEM Edgenta and 30 per cent stake by UEM Sunrise Bhd.