Suria Capital shares up after sealing deal for RM4.2b mixed KK commercial project: Report
Published on: Thursday, February 08, 2024
The planned mixed-commercial development and surrounding waterfront developments are known as Jesselton Waterfront City. (Photo: Via The Edge Malaysia)
Kota Kinabalu: Suria Capital Holdings Bhd's shares reportedly inched up to RM2.15 on Wednesday after the Sabah ports operator made two shareholders' agreements with BEDI Development Sdn Bhd, a 75% owned unit of EXSIM Development Sdn Bhd, for the development of prime land within the Kota Kinabalu Port area.
Suria Capital and BEDI Development signed two shareholders' agreements establishing two joint venture companies, which will undertake the development, construction, and completion of an integrated mixed-commercial project on land held under Town Lease and Country Lease, with a combined net development value of approximately RM4.2 billion.
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Suria Capital and BEDI Development are set to control 50% stakes respectively, The Edge Malaysia has reported.
The planned mixed-commercial development and surrounding waterfront developments are known as Jesselton Waterfront City.
The JV is presumed to positively contribute to Suria Capital's future revenue stream and earnings and profitability, the report further said.
Construction is expected to begin in early 2025, with the completion anticipated to take up to 12 years. Suria Capital's stock rose 0.94% on Wednesday, with a market capitalisation of RM743.51 million, an 80.5% rise over the year.
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