KUALA LUMPUR, March 10 — SMTrack Bhd has signed a joint-venture (JV) agreement with Cherish Words Sdn Bhd (CWSB) to participate in sub-contracting work to design and build 300 houses for Federal Land Development Authority (Felda).
In a filing to Bursa Malaysia today, SMTrack said CWSB was appointed by Gandingan Mutiara Sdn Bhd (GMSB) on Nov 21, 2014 to undertake the sub-contracting work, which was first awarded by Felda to GMSB on Jan 6, 2014.
Pursuant to the joint venture agreement, CWSB and SMTrack agreed for SMTrack to participate in the sub-contract by way of working capital contribution of RM3.8 million, it said.
The project, called the “Perumahan Generasi Baharu Felda”, is located at Felda Paling 16 in Negeri Sembilan, and will be built using Industrialised Building Systems System, it said.
SMTRack said the JV will provide an additional source of income and contribute positively to the future financial performance of the group.
