Matrix Concepts signs MoU with Indonesian Consortium to develop Islamic financial district

KUCHING: Leading Negeri Sembilan township developer Matrix Concepts Holdings Bhd ( Matrix Concepts) announced that it has signed a Memorandum of Understanding ( MoU) with an Indonesian Consortium comprising PT Bangun Kosambi Sukses ( BKS) and PT Nikko Sekuritas Indonesia ( NSI) to jointly undertake the development of Islamic Financial District in Pantai Indah Kapuk (PIK) 2 Sedayu Indo City, Jakarta, Indonesia.

The MoU will explore a joint venture agreement (JVA) between Matrix Concepts, BKS and NSI. BKS is jointly owned by Agung Sedayu Group and Salim Group, which is principally involved in the property development of PIK 2 Sedayu Indo City, Indonesia, while NSI is an investment banking firm in Indonesia.

PIK 2 Sedayu Indo City is poised to be a central business district outside of Jakarta. It will encompass 1,000 hectares of land complete with residential houses, apartments, shopping centres, a light rail transit system, and a stadium.

The MoU was signed by Matrix Concepts’ chairman Dato’ Mohamad Haslah Bin Mohamad Amin, and group managing director Dato’ Lee Tian Hock, BKS president director Nono Sampono, and director Kho Cing Siong, as well as NSI president director Harianto Solichin, and Director Widya Bharata.

The signing ceremony was witnessed by Prof Dr Bambang Brodjonegoro, Minister of National Development Planning of Indonesia and Secretary National of Sharia National Financial Committee at Jakarta.

“The proposed Islamic Financial District was initiated by the Indonesian Government in their quest to position themselves as an Islamic Financial Center in view of their large Muslim population. We are planning to combine efforts with the biggest developer in Indonesia to undertake this project that will benefit both parties in the long run. This also is our first step to establish our presence in the biggest and growing market in Asean,” Mohamad Haslah said.

Currently, the establishment of the JVA is still in the midst of indepth study and negotiations by the parties involved.

Upon execution of this MoU, the parties shall negotiate in good faith on the terms and conditions of the definitive joint venture agreement (JVA) to be entered between the parties and endeavour to execute the definitive JVA within six months from the date of this MoU.