KUALA LUMPUR (March 31): Debt-ridden Perak Corp Bhd said it has entered into a master agreement with its holding company, Perbadanan Kemajuan Negeri Perak (PKNP), to define the terms of several development initiatives to be undertaken by the two entities.

The initiatives include the joint development of land in Teluk Dalam in the Lumut district, future joint development of hinterland for the Lumut Maritime Terminal,  appointment of Perak Corp as the master developer for part of the SilverValley Technology Park (SVTP) landbank in Hulu Kinta, and granting of development rights for a land at Bandar Meru Raya in the Kinta district for housing projects.  

The initiatives are part of the Practice Note 17 (PN17) company's plan to regularise its financial condition after being classified as an affected issuer in February 2020, said Perak Corp in a filing on Friday (March 31).

“Save for Datuk Redza Rafiq Abdul Razak and PKNP, none of the directors and/or the other major shareholder of Perak Corp and/or any persons connected to them have any interest, direct or indirect, in the agreement,” said Perak Corp.

It added that Datuk Redza Rafiq Abdul Razak, who is deemed interested in the deal by virtue of him acting as a nominee of PKNP on the board of Perak Corp, will continue to abstain from all deliberations at the board meetings in respect of the agreement.

Perak Corp’s share price was last traded at 29 sen, valuing the company at RM28.37 million.