MK Land signs MoU with Perak govt

PETALING JAYA: MK Land Holdings Bhd has entered into a memorandum of understanding (MoU) with the Perak state government (through MB Inc) to collaborate and develop a mixed development over some 226 acres in Kampar and the district of Kinta.

The MoU is for the proposed development of a mixed property that includes affordable housing with amenities and basic infrastructure to serve the needs of the planned development.

“The MoU shall remain in effect for a duration of three months from its date, or such longer period as may be agreed by the parties,” it said in a filing with Bursa Malaysia.

Among other objectives of the MoU is to negotiate and endeavour to agree upon an investment structure with MB Inc holding a 15% equity interest in the proposed development.

It also aims to agree on other terms and conditions of the relevant definitive agreements for the joint venture between the parties in undertaking the proposed development.

“The MoU serves only as a record of the parties’ intentions and does not constitute or create obligations under the Malaysian domestic law.

“It will not give rise to any legal process and will not be deemed to constitute or create any legally binding or enforceable obligations, expressed or implied,” it said.