KUALA LUMPUR: Bintai Kinden Corp Bhd has signed a memorandum of understanding with Charter Built Sdn Bhd to jointly develop 36ha of industrial land near Kuala Lumpur International Airport.

       It said in statement the land has a gross development value of at least RM700mil.

       Charter Built is principally involved in the business of civil and structural works, project management consultancy and engineering, procurement, construction and commissioning (EPCC) contractual works.

       Pursuant to the MOU, Bintai and Charter Built mutually agreed to negotiate exclusively in good faith on the structures and terms of the proposal, which will be mutually beneficial and synergistic, with the intention to finalise and enter into the definitive agreements.

       The MoU is valied for one year and may be further extended by mutual agreement by both parties.

       Bintai Kinden deputy CEO Azri Azerai said the MoU is in line with the company’s strategy to diversify the business instead of depending solely on its existing core mechanical and electrical engineering business.

       “Bintai Group has past experiences and expertise in undertaking and completing various construction of property development and related projects across a span of 36 years.

       “The joint development to develop a piece of industrial land with Charter Build will add another project portfolio to the Group,” he added.