SD Guthrie To Sell Bukit Kerayong Land For RM933.57 Mln, Forms JV With Bumi Assets, YTL Power
KUALA LUMPUR, Oct 29 (Bernama) -- SD Guthrie Bhd will sell 657.09 hectares of land in Bukit Kerayong, Selangor, to Bukit Kerayong Industrial Developments (BKID) for RM933.57 million and partner with Bumi Assets Sdn Bhd and YTL Power International Bhd to develop the site into an industrial park.
In a joint statement today, the companies said the land would be developed into a light-to-medium industrial park, complemented by commercial components and supporting infrastructure.
The joint venture (JV) will be undertaken through BKID, with SD Guthrie holding a 30 per cent equity interest through its wholly owned subsidiary, SD Guthrie Land Ventures Sdn Bhd.
Bumi Assets and YTL Power will each hold a 35 per cent stake, with YTL Power investing through its wholly owned subsidiary, Bukit Kerayong Industrial Venture Sdn Bhd.
In a filing with Bursa Malaysia, SD Guthrie said it would invest up to RM101.12 million in the JV, comprising RM3 million for its equity stake and short-term advances of up to RM98.12 million to finance the land acquisition and related costs.
SD Guthrie president and group chief executive officer Mohd Haris Mohd Arshad said the transaction marked an important milestone in unlocking the long-term value of the group's strategic land bank while creating opportunities for sustainable economic growth and development in Selangor.
“The strategic location of Bukit Kerayong, supported by strong connectivity through the West Coast Expressway and North Klang Valley Expressway, and its proximity to Port Klang's Northport and Westports, presents significant potential to serve the rising demand for high-quality industrial and logistics developments,” he said in the joint statement.
Bumi Assets representative Datuk Syed Budriz Putra Jamalullail Syed Amir Abidin Jamalullail said the aim was to attract businesses to establish and expand their operations in the area, creating jobs and opportunities for local enterprises across the supply chain.
YTL Power managing director Datuk Seri Yeoh Seok Hong said the partners aimed to develop Bukit Kerayong into a sustainable, well-connected industrial destination capable of attracting high-quality investments.
He said YTL Power's experience in developing and operating power, water, telecommunications and digital infrastructure, together with its capabilities in artificial intelligence and cloud computing, would support industrial growth and Malaysia's expanding digital economy.
The companies said the project was expected to stimulate economic activity, create employment opportunities and support the continued growth of surrounding communities.
-- BERNAMA