KUALA LUMPUR: Practice Note 17 company Perak Corp Bhd's share price was unchanged at 44.5 sen after it announced plans to proceed with a housing development in Bandar Meru Raya.
Trading in its shares were halted for an hour today, following its announcement on Friday that it signed a joint development agreement with Perbadanan Kemajuan Negeri Perak (PKNPk) to proceed with a gated and guarded housing scheme of double storey bungalow, double storey semi-detached houses and double storey terrace houses at Bandar Meru Raya, Perak.
Trading resumed at 10am.
Perak Corp and PKNPk have also on Mar 8, 2024 entered into a joint venture agreement with Uni-Poh Construction Works Sdn Bhd to jointly undertake the development on the Project Land and to market and carry out sales of the units from the development to end purchasers.
Perak Corp said its JDA with PKNPk is part of PKNPk's efforts in favour of Perak Corp to provide an avenue for Perak Corp to generate sustainable and recurring income towards the group's overall cash flow position as well as strengthening its financial position as part of its regularisation effort.
The entry into the JDA is part of the measure for the group's business regularisation plans, which are still in the midst of being finalised.
It added that shareholders' approval for its regularisation plan will be sought.
Perak Corp's net profit for the financial year ended Dec 31, 2023 fell almost 80 per cent to RM2.7 million, on almost 8 per cent higher revenue of RM160.7 million.