Casa Holdings Establish Joint Venture With VMD

Casa Holdings has announced that its wholly-owned subsidiary, Casa Property Holdings has established a joint venture company, VMD Development, together with VMD.

VMD Development is to act as an industrial property development to acquire two pieces of land in Malaysia adjacent to each other, containing total area of 6.9 hectares, valued at RM16.3 million.

The equity participation of the group and VMD in the joint venture company is 50:50, with an issued and paid up capital of RM300,000. The group sees the joint venture as part of the group’s plan to diversify and to accumulate land bank for the Industrial Property Development Business and believes it will provide additional source of revenue.

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