The Board of Directors of Karambunai Corp Bhd (“KCB” or “Company”) is pleased to announce that on 17 March 2011, its wholly-owned subsidiary, Karambunai Resorts Sdn Bhd (“KRSB”) has signed a Joint Venture Agreement (“JVA”) with China Central Asia Group Co. Ltd (“CCAG”) to undertake the proposed development known as “Karambunai Beachfront Mixed Development” (“KBMD” or “Project”) which is the first phase of the Karambunai Integrated Resort City (“KIRC”) development. The KBMD measures approximately 75.0 acres of land (“the Land”) being a portion of the land held under Country Lease No. 045091174 measuring approximately 1,500 acres situated at Menggatal, District of Kota Kinabalu, Sabah, Malaysia (“Karambunai Land”). The development of KBMD is part of the Integrated Resort City project in which the details are set out in this announcement. CCAG is the shareholder of Prism Crystal Enterprises Ltd (“PCEL”) which together with the controlling shareholder of KCB is the initial promoter (“Promoter”) of KIRC. CCAG shall be a pilot catalyst investor for the KIRC development.
The above news dated yesterday, 17th March, send KBUNAI up +12.5% from yesterday's closing price of 20 sen.
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