Pine Properties, MJR Investment sign shareholders’ agreement for land development in IOI Resort City

PETALING JAYA (Jan 31): Pine Properties Sdn Bhd, a 99.8%-owned subsidiary of IOI Properties Group Bhd, has signed a shareholders’ agreement with MJR Investment Pte Ltd on Jan 26.

In a statement, IOI Properties said the signing of the shareholders’ agreement marks a significant milestone towards participation in developing a 9.6-acre freehold land in IOI Resort City, Putrajaya to build 676 condominium units.

IOI Resort City is an integrated development crafted by IOI Properties which comprises Puteri Palma Condo, green building index-certified IOI City Towers, Putrajaya Marriott, Le Meridien Putrajaya, IOI City Mall and an 18-hole championship golf course, Palm Garden Golf Club.

Following the signing of the shareholders’ agreement, Pine Properties will dispose 45% of its existing equity stake in Pine MJR Development Sdn Bhd to MJR Investment.

The parties will, subsequently, upon obtaining the relevant approvals increase Pine MJR’s paid-up capital through the subscription of ordinary shares and redeemable non-cumulative preference shares.