PRG to partner S’pore firm for property projects

PETALING JAYA: PRG Holdings Bhd has entered into a memorandum of understanding (MoU) with Singapore-listed Mirach Energy Ltd for a proposed joint venture (JV) to undertake property and construction projects in Malaysia and abroad.

Mirach is involved in the upstream oil and gas space and proposes to diversify into the property and construction business.

PRG told Bursa Malaysia the proposed JV is in line with its business model to joint venture with strategic partners in property development and construction projects that fit into the group’s strategies and business capabilities.

As a start, PRG and Mirach propose to work together to undertake the main contractor work in relation to the development of an affordable housing project in West Malaysia.

Mirach will contribute funds for the working capital for the JV firm – Mirach JV Co, while PRG will procure the appointment of Mirach JV Co as the main contractor of the first project and will provide all the construction know-how and other expertise.

PRG’s share price was unchanged at RM1.01 on some 123,500 shares traded, for a market capitalisation of RM301.43 million.