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Friday, 1 February 2008

Kuwait Finance House in Musyarakah JV for office tower project at KL Sentral


KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has teamed up with Quill Sentral Sdn Bhd and Kuwait Finance House (Malaysia) Bhd (KFHMB) to acquire a piece of land at the KL Sentral area for RM133 million to build office towers.
MRCB said the three parties had set up a joint-venture company Cozy Bonanza Sdn Bhd to acquire the land, measuring 7,503 sq metres from Kuala Lumpur Sentral Sdn Bhd (KLSSB).
It said KFHMB was participating in this JV as an Islamic financier where it provides the musyarakah financing facility. MRCB would hold 44.5% stake in Cozy Bonanza, followed by Quill (37.5%) and KFHMB (18%).
According to MRCB the land was approved by Dewan Bandaraya Kuala Lumpur for commercial development and the plan was to build office towers with a total gross floor area of about 1.4 million sq ft.
It added that the construction of the office towers is expected to commence in 2008 and take four years to complete.
Cosy Bonanza would finance the development by external borrowings and/or further contributions from its shareholders, it said.

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