Under the agreement, PRG will source for infrastructure, construction, project financing, and property development projects while JPC will invest, finance and is responsible to perform, build, complete, and comply with the terms and conditions of the projects/contracts procured by the former.
In a statement here, PRG said the agreement was also in line with the group’s business model to form joint-ventures with strategic partners that are experienced in property development and construction projects, fitting into the Group’s strategies and business capabilities.
PRG is involved in property development, construction and manufacturing businesses.
“This corporate exercise will also provide a good opportunity to diversify the revenue stream of the Group,” said PRG Group Managing Director, Datuk Lua Choon Hann.
Meanwhile, JPC, founded in 1956, is one of the pioneers in the construction industry in China and is directly under the Construction Bureau of Jiangsu Province. It is currently a member of the Greenland Group.