KUALA LUMPUR, June 17 (Bernama) -- Shares of Eco World Development rose slightly following the property developer's joint venture announcement with Fortune’s Global 500 companies, PowerChina Group, to jointly bid for infrastructure projects in Malaysia.
The company last Friday signed a joint venture (JV) and shareholders agreement with PowerChina via its subsidiary, Paragon Pinnacle Sdn Bhd to jointly develop 47.49 hectares of industrial land, to be known as Eco Business Park V (EBP V), Phase 2.
Located in Puncak Alam, Shah Alam, the proposed development will complement the 209.63 hectares EBP V, which is Eco World’s first business park in the Klang Valley, situated next to the group’s largest township development, Eco Grandeur.
“We are positive on the proposed JV with ChinaPower as the JV could benefit business park project of EcoWorld by leveraging on the extensive network of PowerChina’s clients who may be interested in investing in industrial real estate projects in Malaysia,” MIDF Research said in its note.
The research house maintained a “buy” call on the company with a target price of RM1.25.
At 10.30 am, shares of EcoWorld rose 1.5 sen to 86.5 sen with 523,900 shares transacted.