PRG enlists HK's Mingfa Group as one of partners to manage unit Premier JPC

PETALING JAYA: Hong Kong-incorporated Mingfa Group (Global) Investments Holdings Ltd is now a collaborative partner with PRG Holdings Bhd, Premier JPC Sdn Bhd (Premier JPC) and Jiangsu Provincial Construction (M) Sdn Bhd to manage Premier JPC’s venture into highway, bridge, port and housing development projects.
PRG said in a Bursa Malaysia filing that it entered into a collaborative agreement (CA) on Jan 4, 2018 with the parties mentioned to formalise their commitments and to regulate their rights and obligations as shareholders in respect of the management of Premier JPC.
Jiangsu Provincial holds a 34% stake in Premier JPC whereas PRG and Mingfa each hold 33%. Premier JPC is a wholly owned subsidiary of PRG.
On Oct 26, 2017, PRG, Premier JPC and Jiangsu Provincial entered into a CA for the same purpose. The agreement has since been terminated on mutual consent and been superseded with the present one.
Under the CA, the three parties will have joint duties and obligations to obtain contracts in Malaysia, including affordable housing projects under the Fincance Ministry, to provide technical knowhow for contracts secured by Premier JPC and to perform, complete, and comply with all the terms and conditions of the contract works obtained by Premier JPC.
“The parties hereby agree that whatsoever funding required by Premier JPC shall be based on shareholding ratio. If Premier JPC requires additional funding from any shareholder, the interest payable for such additional funding shall be calculated based on 6% interest per annum,” a clause of the CA reads.