HK’s Evergreen Offshore and Tanco scrap MoU on PD resort

TheEdge Thu, Sep 27, 2018 10:33pm - 5 years View Original


KUALA LUMPUR(Sep 27): Hong Kong-based private equity firm Evergreen Offshore Inc has terminated a Memorandum of Understanding with Tanco Holdings Bhd subsidiary, Palm Springs Development Sdn Bhd, to jointly develop a resort in Port Dickson.

In a bourse filing, Tanco announced the termination of the MoU with immediate effect, attributing the cancellation to some unexpected problems arising from Evergreen’s identified potential investors which it did not name.

The parties had entered into the MoU on Oct 15, 2016 when Tanco announced it was teaming up with Evergreen to jointly develop its 400-acre sea-fronting integrated resort development in Port Dickson to be known as Dickson Bay.

Evergreen manages the Asia Pacific One Belt One Road Tourism Industry Fund amounting to HK$10 billion, which was set up with a long-term vision to promote the tourism sector in countries such as Malaysia along the 21st Century Maritime Silk Road.  

Tanco said then that Evergreen had allocated HK$2 billion to invest in Malaysian projects ahead of its other target markets, including Thailand and Vietnam.

On Dec 23, 2016 in a follow up to its MoU, Tanco said that Evergreen had confirmed its intention and interest to engage the  fund in the integrated resort development, which was to include the Double Tree Hilton hotel, a theme park, spa village as well as a convention hall and service suites.

Tanco finished 0.5 sen or 7.1% lower to 6.5 sen for a market capitalisation of RM43 million.

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