KUALA LUMPUR: Bottled water company Spritzer Bhd's unit plans to develop a 2.33 hectare land in Pengkalan Aor, into a housing development.
The company yesterday announced that Spritzer Development Sdn Bhd has signed a joint venture agreement with KNP Development Sdn Bhd for the development.
Spritzer said, as the land provider, KNP will be entitled to 15 per cent of the sale proceeds of the buildings to be built.
Spritzer will pay a non-refundable deposit of RM278,251.20 to KNP once the joint venture agreement is executed, and another RM2.2 million as advance payment to defray some of KNP's expenses.
The company's share price closed unchanged at RM2.13 yesterday.