LBS, NWP in Zuhai circuit joint venture

KUALA LUMPUR: LBS Bina Group Bhd has entered into a heads of agreement with

NWP Holdings Bhd to jointly undertake a development project relating to the transformation of Zhuhai International Circuit (ZIC) in China. LBS has a 60 per cent stake in ZIC. Under the agreement, LBS will be subscribing to 1.1 billion NWP shares, representing 73.7 per cent of the latter’s shares, for a RM93.5 million. The price represents a 35 per cent discount against NWP’s closing price of 13 sen on March 2.