KUALA LUMPUR (April 3): MyEG Services Bhd has inked a preliminary agreement with Johor's state investment firm, Johor Corp, to explore the possibility of buying or leasing a piece of land located within the state's Muar Furniture Park.

MyEG said its sub-subsidiary MY EG Lodging Sdn Bhd (MYEL) enterd the Memorandum of Understanding (MoU) with Johor Corp today.

"MYEL and JCorp wish to discuss the terms and conditions of the proposed option to purchase or lease a piece of land situated in Muar Furniture Park.

"The MoU shall form the basis of consensus of the parties to examine the feasibility of the undertaking until such time as the definitive agreement(s) is entered into by the Parties and that the document forms the basis of consensus for the two to examine the feasibility of the undertaking," MyEG's filing with Bursa Malaysia read.

The MoU is valid for three months from today, MyEG added, but may be extended by mutual agreement.

MYEG closed unchanged at RM2.90, translating to a market capitalisation of RM10.46 billion.