KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has received RM1.074 billion from the Employees Provident Fund (EPF) for its 80% subscription in Bukit Jalil Sentral Property Sdn Bhd (BJSP), the special purpose joint venture company undertaking the development of Bukit Jalil Sentral.
The transaction, coupled with the group receiving RM1.325 billion in settlement for the Eastern Dispersal Link, strengthens the group’s balance sheet and reduces its net gearing to 24%.
Bukit Jalil Sentral, which covers 30.81ha, is a mixed development project with a gross development value (GDV) of RM21 billion.
The 80% equity interest in BJSP will reside with EPF’s unit, Tanjung Wibawa Sdn Bhd, with MRCB’s subsidiary Rukun Juang Sdn Bhd retaining a 20% equity interest.
“This land will be developed over the course of 20 years, ensuring a sustainable pipeline of construction contracts for the group in the long term,” said the company in a statement today.
MRCB is a leading urban property and construction company.