PEKAN, April 4 — Property and construction giants, IJM Land Bhd and Sime Darby Property Bhd have signed up as the new Malaysian consortium partners in developing the Malaysia-China Kuantan Industrial Park (MCKIP).
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the participation of IJM Land and Sime Darby marked a significant milestone as both companies had strong credentials as master developers and were well-established names, locally and internationally.
“Malaysia-China Kuantan Industrial Park Sdn Bhd (MCKIPSB) is a 51:49 joint venture between the Malaysian consortium and Chinese consortium.
“IJM Land holds a 40 per cent equity interest in the Malaysian consortium, while Kuantan Pahang Holding Sdn Bhd together with Sime Darby holds 30 per cent and the remaining 30 per cent is held by the Pahang State Government,” he told a press conference here, today.
The 49 per cent stake held by the Chinese consortium was led by state-owned conglomerate Guangxi Beibu Gulf International Port Group, with 95 per cent equity interest.
The remaining five per cent is held by Qinzhou Investment Company.
Mustapa also noted that he was pleased with the progress of MCKIP, saying ‘the project is on track’ and to date, had attracted total investment of RM9.7 billion.
As the master developer of MCKIP, MCKIPSB would play a key role in constructing the major infrastructure within the park and provide the required amenities for investors in MCKIP, he said.
Mustapa added that the Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Pahang State Government would work together in promoting MCKIP to potential investors.
MCKIP was launched by Prime Minister Datuk Seri Najib Razak and Chinese People’s Political Consultative Conference Chairman Jia Qinlin.
The investment in MCKIP is expected to create more than 12,000 new job opportunities by 2020. — Bernama