Uni Wall APS acquires land in MVV 2.0 for RM445mil

NST Fri, Sep 23, 2022 07:59pm - 4 months View Original


Chief executive officer Siow Hon Yuen said today's signing is a significant step forward as it accelerates the development of MVV 2.0.

KUALA LUMPUR: Uni Wall APS Holdings Bhd, via its special purpose vehicle (SPV) with NS Corporation, NS Aero City Sdn Bhd (NSAC), is acquiring 518.81-hectares of land in Malaysia Vision Valley 2.0 (MVV 2.0) for RM445 million.

NSAC signed a sale and purchase agreement with NS Corporation today, whereby the payment of the purchase is made through internally generated funds, bank borrowings, and proceeds to be raised from the company's fund-raising exercises.

The latter also entered into a sale and purchase agreement with Kumpulan Sime Darby Bhd to purchase the land today.

Uniwall said the land will be developed as NS International Tech Park and will house light and medium industrial areas focusing mainly on aerospace, food and beverage (F&B), pharmaceutical and cosmetic industries, as well as a new central business district (CBD) for residential, commercial, regional office centres and medical towns.

The NS International Tech Park will comply with environmental, social and governance (ESG) policies, enabling the promotion of eco-friendly solutions and sustainable growth while doing business.

Chief executive officer Siow Hon Yuen said today's signing is a significant step forward as it accelerates the development of MVV 2.0.

"Moving forward, Uniwall and its strategic partners will begin development work upon completion of the proposed land acquisition, which will bring us one step closer to making MVV 2.0 a reality," he said in a statement today.

MVV 2.0 is an economic growth corridor initiated by the Negeri Sembilan state government, earmarked as one of 17 promoted developmental zones in the Malaysian National Physical Plan.

The overall development spans 153,411-hectare of land covering the districts of Seremban and Port Dickson.

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