KUALA LUMPUR (July 31): Suria Capital Holdings Bhd is teaming up with the Sabah unit of UK-based Smiths Gore for the latter to provide property management services and training for its wholly-owned subsidiary, SCHB Engineering Services Sdn Bhd.

In a filing with Bursa Malaysia today, Suria said SCHB Engineering has yesterday signed a memorandum of understanding (MOU) with Smiths Gore Sdn Bhd to set out the basis for collaboration between the two companies in relation to property management.

Smiths Gore is chartered property surveyor, valuer and estate agent.

Suria said under the MOU, Smiths Gore will act as an advisor to SCHB Engineering on matters regarding to property management and consultation of the Jesselton Quay project and any other development owned by Suria.

"Apart from exploring other potential related business, the purpose of the MOU is to provide training for the staff of SCHB Engineering in property management," added Suria.

The Jesselton Quay project is a joint venture development between Suria and SBC Corp Bhd in Kota Kinabalu, Sabah.

Suria said the MOU will not pose any adverse financial risk to the group. The MOU will be valid until the execution of a formal agreement(s) or unless otherwise terminated.

Shares in Suria (fundamental: 2.3; valuation: 2) closed unchanged at RM2.30 today, bringing a market capitalisation of RM651.65 million. 

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)