KUALA LUMPUR (Jan 16): Bina Darulaman Bhd (BDB), Kedah state government’s investment holding company, plans to form a joint venture (JV) with privately-held Enfiniti Escapes (M) Sdn Bhd to collaborate in the business of eco-tourism development or other accommodation.

“This marks a significant milestone in realising BDB Group’s intention to develop Lubuk Semilang as one of the premier eco-tourism hubs in Langkawi,” said BDB in a bourse filing on Tuesday.

BDB said its wholly owned subsidiary BDB Land Sdn Bhd had signed a memorandum of understanding (MOU) with Enfiniti to establish a basis of cooperation and collaboration between the two parties. Enfiniti is involved in the business of hotels, resort hotels and other accommodation development.

Under the MOU, BDB Land will undertake to conduct a full land survey on a piece of identified land upon execution of this MOU, and furnish the land survey report to Enfiniti. On its part, Enfiniti will prepare a full concept and design for the development of the land, based on the land survey report furnished by BDB Land.

The execution of the MOU is not subject to approval of shareholders of the company or any relevant authorities.

BDB shares closed down 0.5 sen or 1.72% at 28.5 sen on Tuesday, giving it a market capitalisation of RM88.15 million.