Malaysia Pacific Corp to extend MoU period with Black Sea

PETALING JAYA: Malaysia Pacific Corp Bhd (MPCorp)'s collaboration with China's state-owned enterprise Black Sea Horizon Investment Holdings Ltd to promote Malaysia as Asia's "economic corridor" of trade and services link with China, Asean, India and the Middle East, has yet to be finalised.
In a filing with the stock exchange, the Practice Note 1 and 17 company said it is still in discussion to extend the memorandum of understanding (MoU) period and to re-negotiate further some of the material terms of the MoU.
"Further announcement on any material development will be made as and when appropriate," it said.
MPCorp had requested for the extension of the MoU period for several times.
Both parties are to coordinate and secure relevant approvals from the respective regulatory bodies in China and Malaysia to develop an Asia-Pacific Trade and Expo City (APTEC) in Iskandar Malaysia, Johor.
APTEC will serve as a one-stop centre for the new "Silk Route" of trade, sourcing, procurement and distribution showcase window for China manufactured consumer products as well as products made in Asean, Japan, South Korea, Australia, New Zealand, India and the Middle East.
Black Sea is involved in consumer trade, property development, hospitality, oil refineries and oil trade.