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- "Under the JV agreement, Ireka would provide strategic oversight and governance via a joint management committee, while UFDSB shall be responsible for securing project financing, managing operations and executing the works.
KUALA LUMPUR (Aug 15): Ireka Corporation Bhd (KL:IREKA) entered into a joint venture (JV) agreement with Ukay Forest Development Sdn Bhd (UFDSB), forming Ireka-Ukay Forest JV, to collaborate on the execution and management of selected development and infrastructure projects in Malaysia.
Ireka said the JV will undertake three projects worth RM50.89 million: a mixed development in Johor Bahru (RM8.89 million), a sewerage system upgrade in Ketengah, Terengganu (RM33 million), and the construction of the Syariah Court Complex in Temerloh, Pahang (RM9 million).
"Under the JV agreement, Ireka would provide strategic oversight and governance via a joint management committee, while UFDSB shall be responsible for securing project financing, managing operations and executing the works.
"Profits, losses and costs of the initial projects shall be shared between Ireka and UFDSB in the ratio of 30:70," it said in a filing with Bursa Malaysia on Friday.
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