Mudajaya Group Bhd’s subsidiary, Mudajaya Corp Bhd (MCB), has entered into an agreement with Quang Minh Trade & Construction Company Ltd (QMTC), to undertake a US$55 million (RM192.5 million) joint venture project to develop an Internet city in Ho Chi Minh City, Vietnam.
MCB’s portion of the project is worth US$8.56 million, which involves providing the project management advisory services for the venture. The JV has received a letter of award dated Sept 9, from Bright Moon Group-Solomon Construction (BMG-Solomon), which is the main contractor of the project.
In a statement yesterday, Mudajaya said MCB and QMTC would be issued with a bank security for the project by BMG-Solomon and the project was expected to be completed within three years.
The development will comprise one basement, three office tower blocks, one shopping mall and one meeting and exhibition area located at High-Tech Area in Ho Chi Minh City and was expected to contribute positively to the future earnings and net assets of the company, said Mudajaya.
