KUALA LUMPUR, Ireka Corporation Bhd has partnered with Ukay Forest Development Sdn Bhd (UFDSB) through a joint venture (JV) agreement, forming Ireka-Ukay Forest JV to jointly execute and manage selected development and infrastructure projects in Malaysia.
The JV will initially focus on three projects valued at a total of RM50.89 million: a mixed-use development in Johor Bahru (RM8.89 million), a sewerage system upgrade in Ketengah, Terengganu (RM33 million), and the construction of the Syariah Court Complex in Temerloh, Pahang (RM9 million).
Under the agreement, Ireka will provide strategic oversight and governance via a joint management committee, while UFDSB will handle project financing, operations, and execution. Profits, losses, and costs for these projects will be shared between Ireka and UFDSB on a 30:70 basis, according to a Bursa Malaysia filing on Friday.
