KUALA LUMPUR (Sept 7): Mah Sing Group Bhd’s units have signed a shareholders’ agreement with The South Sea Capital Sdn Bhd (TSSC) to form a joint venture (JV) to venture into industrial real estate properties development.

Mah Sing’s wholly owned subsidiaries Nova Legend Development Sdn Bhd (MS1) and Jastamax Sdn Bhd (MS2) had on Thursday signed the agreement with TSSC, to jointly carry out the business relating to industrial real estate property development, land acquisition, ownership, operation, management, and leasing through a JV arrangement.

MS1 and MS2 will hold 50% and 20% equity interest respectively in the JV company, named Mah Sing South Sea Industrial Development Sdn Bhd.  

TSSC, which is principally engaged in activities of holding companies, will hold a 30% stake, according to Mah Sing’s stock exchange filing.

One of TSSC’s directors, Sun Jianwei, is the executive president of Malaysia JiangSu Entrepreneurs Business Association. He has experience in diverse industrial landscapes, with key sectors ranging from manufacturing to technology and services. 

 To date, Mah Sing has completed the development of five industrial parks. These are Mah Sing Integrated Industrial Park in Mutiara Subang, iParc in Bukit Jelutong, iParc 2 in Shah Alam, iParc 3 in Bukit Jelutong, and the Mah Sing iParc at the port of Tanjung Pelepas.  

 Shares of Mah Sing finished down 1.5 sen or 1.83% at 80.5 sen at Thursday’s noon break. At 80.5 sen, the property developer was valued at RM1.95 billion.