US-based Globe Ventures Holding Inc will invest in a joint venture with Malaysia’s TSR Capital Bhd to develop a mixed use project in Port Dickson waterfront in Negeri Sembilan, Malaysia.
Globe Ventures, an institutional and private client wealth and asset management firm and a subsidiary of Nevada-based Terafox Corp signed a memorandum of understanding with TSR’s subsidiary TSR Ocean Park Sdn Bhd for the joint venture development project last Friday.
The agreement is for a “proposed mixed development project on the sea fronting land with the size of over 52.2 acres situated at PD Waterfront, Port Dickson, Negeri Sembilan Darul Khusus and MOA to jointly develop the proposed water chalet resort that to be built in part of the Development land,” Bursa-listed TSR said in a filing on Monday.
The total cost of project or an estimated Gross Development Value was not disclosed in the filing.
The development will be a mixed high-end properties that consists of residential, resorts and Hotels, commercials and corporate buildings tailor to tourism and services industry, it added.
Both parties intend to incorporate a Special Purpose Vehicle to undertake the development of Chalet.
TSR Ocean Park and Globe Ventures shall inject their equity and/or advances according to their Agreed Proportion and will share the equity shareholding for the proposed Chalet accordance to 51 per cent and 49 per cent respectively, the announcement said.