ECO Group Signs MoU to Form JV with Karuna Venture

MT Newswires Live10-16

ECO Group (KLSE:ECOGRP) has entered into a memorandum of understanding with Karuna Venture to form a new joint venture company to redevelop existing buildings in Sarawak, Malaysia, according to a Thursday filing to the Malaysian bourse.

The proposed JV Company will be formed with a capital of 100,000 ringgit comprising 100,000 ordinary shares, with ECO Group holding a 51% stake and Karuna owning 49%.

Under the pact, ECO Group will lead the technical and delivery workstream and may propose suitably qualified group companies, consultants, contractors or specialist partners. Meanwhile, Karuna will lead local business development and coordination in Sarawak.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment