Singtel (SGX:Z74) unit Nxera MY has entered into a conditional joint venture agreement with TM DC Educity, a unit of Telekom Malaysia (KLSE:TM), to develop and operate a data center campus in Johor, Malaysia.
Under the deal, Nxera MY will hold a 49% stake in the newly incorporated ST Dynamo DC, with TM DC Educity holding the remaining 51%.
Both parties have agreed to fund ST Dynamo DC proportionately, committing up to 1.152 billion ringgit over five years, with Nxera MYâs share amounting to 564 million ringgit, sourced from internal cash resources.
On June 15, ST Dynamo entered into a conditional agreement with River Retreat to acquire a 168,959 square meter plot of freehold land in Johor Bahru's Mukim Pulai district for nearly 178.2 million ringgit.
The purchase will be funded from ST Dynamo's internal resources, supplemented by joint venture contributions.
Singtel said these transactions are not expected to significantly impact the group's financial statements for the fiscal year ending March 31, 2025.
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