KUALA LUMPUR (Dec 14): Bina Darulaman Bhd, which is controlled by the Kedah state government, is jointly developing an integrated project called Langkawi Premium Outlet in Kedah with the Menteri Besar Kedah Incorporated (MBI Kedah).

The project in Langkawi will have a premium outlet, an International Cultural and Tourism Village, a hotel, and food a beverage outlets, according to Bina Darulaman's stock exchange filing today. Perbadanan Kemajuan Negeri Kedah has a 67.28% stake in the company as of May 29, 2020.

In a filing with Bursa Malaysia, Bina Darulaman said its wholly-owned subsidiary BDB Land Sdn Bhd (BLSB) has inked a joint venture and shareholders’ agreement with MBI Kedah, Kedah state government's investment arm, for the project.

Under the agreement, both BLSB and MBI Kedah will set up a joint venture (JV) company with a paid-up capital of RM300,000, in which BLSB will hold an 80% stake, while MBI Kedah will hold the remaining 20% stake.

Bina Darulaman said the proposed collaboration and development should further strengthen the group’s position as one of the main property development players in Kedah and the northern region, which it expects to contribute positively to its future earnings, should the collaboration be finalised and successfully commercialised.

Bina Darulaman share price closed unchanged at 34 sen today, after some 182,600 shares were traded. At its current price, its market capitalisation stands at RM103.31 million.