KUALA LUMPUR (July 13): Malaysia Pacific Corp Bhd (MPCorp) said it has entered into a joint venture (JV) agreement with Taiwan-based Chun Fu Development Sdn Bhd to jointly develop 13 pieces of land in Plentong, Johor.

According to a filing with the exchange, MPCorp said it entered the agreement via its wholly-owned subsidiaries Taman Bandar Baru Masai Sdn Bhd and Lakehill Resort Development Sdn Bhd.

Under the agreement, MPCorp shall hold up to 35% in the JV company while the remaining 65% will be held by Chun Fu.

"All profits, costs and liabilities for the JV shall be shared between parties in accordance with the shareholding ratio," said the loss-making property company.

The signing of the JV agreement follows the execution of a non-binding term sheet between MPCorp and Chun Fu in February.

MPCorp rose 1 sen or 9.09% to close at 12 sen yesterday, giving it a market capitalisation of RM34.52 million. — theedgemarkets.com

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