IOI Properties unit sells its 45% stake in PINE MJR

PETALING JAYA: IOI Properties Group Bhd’s subsidiary, Pine Properties Sdn Bhd, has entered into a shareholders agreement with MJR Investment Pte Ltd to dispose of its 45% stake in PINE MJR Development Sdn Bhd to MJR Investment.

“The parties will subsequently upon obtaining the relevant approvals increase PINE MJR’s paid-up capital through the subscription of ordinary shares and redeemable non-cumulative preference shares,” IOI group said in a statement.

“The signing of the shareholders agreement marks a significant milestone towards participation in developing a freehold land measuring approximately 9.6 acres in IOI Resort City, Putrajaya, into 676 units of condominiums,” it added.

IOI Resort City is an integrated development crafted by IOI Properties which comprises Puteri Palma Condo; Green Building Index-certified IOI City Towers; world-class hotels Putrajaya Marriott and Le Méridien Putrajaya; IOI City Mall, the biggest mall in southern Klang Valley; and Palm Garden Golf Club, home to an 18-hole championship golf course.