EPF to pump RM367m into Eco Grandeur and Eco Business Park V devel­op­ment

The Sun (Malaysia) - - MEDIA & MARKETING -

PETALING JAYA: The Em­ploy­ees Prov­i­dent Fund (EPF) will pump RM367 mil­lion into a joint ven­ture with Eco World Devel­op­ment Group Ber­had (EW Ber­had) to de­velop 2,198.4 acres of lease­hold land in the North­West­ern Klang Val­ley Cor­ri­dor into a mixed res­i­den­tial and com­mer­cial devel­op­ment and in­te­grated business park.

The devel­op­ment will be known as Eco Grandeur and Eco Business Park V re­spec­tively.

Un­der the deal signed yes­ter­day, EPF will take up a 40% stake in Paragon Pin­na­cle Sdn Bhd (JVCo), which is cur­rently a wholly owned sub­sidiary of EW Ber­had.

The money to be pumped in by EPF will be in the form of share­hold­ers ad­vances to fund the pro­posed de­vel­op­ments.

EW Ber­had (via a wholly owned sub­sidiary) will be ap­pointed as the devel­op­ment man­ager for the projects which will be mar­keted as Sig­na­ture EcoWorld de­vel­op­ments pur­suant to devel­op­ment man­age­ment and brand li­cence agree­ments to be en­tered into with the JVCo.

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