The Board of Directors of Suria Capital Holdings Berhad (“Suria Capital”) wishes to announce that Suria Capital and BEDI Development Sdn Bhd (“BEDI”) (a subsidiary of EXSIM Development Sdn Bhd which is an established Kuala Lumpur based property developer) have, on 5 February 2024 entered into two (2) Joint Venture cum Shareholders Agreements (“JV Agreements”) in respect of the joint venture (“Joint Venture”) for the purpose of developing two (2) parcels of prime land within Kota Kinabalu Port area respectively measuring approximately 2.543 hectares held under Town Lease 017561974 (“Land 1”) and 11.69 hectares held under Country Lease 015722791 (“Land 2”), situated at Jalan Tanjung Lipat, District of Kota Kinabalu, Sabah (collectively the “Development Land”). 

The purposes of the JV Agreements are to inter alia, formalise the mutual intention of Suria Capital and BEDI (collectively known as the “Shareholders”) in respect of the Joint Venture, and to record their respective rights and obligations in relation thereto. Under the JV Agreements, both parties have agreed to incorporate two (2) joint venture companies namely Jesselton Docklands 1 Sdn Bhd and Jesselton Docklands 2 Sdn Bhd (collectively “JV Co”) as the developers to undertake the development, construction and completion of the integrated mixed-commercial project (the “Project”) on Land 1 and Land 2 respectively, with a collective net development value of approximately RM4.2 billion.

Please refer to the attachment for the details of this announcement. 

This announcement is dated 6 February 2024.