Ajiya signs MoU for a PR1MA project in Sarawak

KUALA LUMPUR (Aug 10): Ajiya Bhd will partner Sarawak-based IMAG Development & Construction Sdn Bhd (Imag) to develop a housing project to be awarded by Prima Corporation Malaysia (PR1MA).

The safety glass and metal roll manufacturer said in a bourse filing yesterday that its subsidiary Ari Utara Sdn Bhd (AUSB) has signed a memorandum of understanding (MoU) with Imag “to work together, securing and implementing” a project to be awarded by PR1MA.

It said that Polybuilding Construction Sdn Bhd which has received a letter of intent from PR1MA last month to construct 746 units of PR1MA homes comprising townhouse units situated on 24.88 acres (10.07ha) of leasehold land in Matang Land District, Sarawak, “is desirous of assigning this project in total to Imag”.

Imag is in turn interested in using the Ajiya Green Integrated Building Solutions (Agibs), produced by AUSB for this project. “Agibs is a system that provides the construction industry with sustainable and fully-integrated building solutions to overcome manpower constraint, shorten construction time and reduce operating costs,” Ajiya said in a separate press release.

The MoU is only binding in the event of Imag successfully securing the project and is valid for one year or any extended period agreed to by the parties.

Ajiya closed yesterday 0.5 sen higher at RM1, for a market capitalisation of RM304.6 million.

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This article first appeared in The Edge Financial Daily, on Aug 10, 2016. Subscribe to The Edge Financial Daily here.