Perak Corporation Berhad announced that it had entered into a Joint Development Agreement with Urbax Properties Sdn Bhd to undertake a housing development project on the lands in Daerah Kinta, Negeri Perak Darul Ridzuan with a total area measuring approximately 24.807 acres.
The company said due to it being classified as an affected listed issuer under PN 17, the Proposed Joint Development provides an avenue for the Company to raise funds to channel towards the Group’s business operations. This it said will also improve its overall cash flow position as well as strengthening its financial position as part of its regularisation effort.
Perak Corp said the Proposed Joint Development is part of the measure to raise the necessary cash required for the Group’s business regularisation plans, which are still in the midst of being finalised as at the date of this announcement.
