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PDC terminates joint venture with Umech Land amid criticism over land deal | Scoop
Penang Development Corporation has terminated its partnership with Umech Land Sdn Bhd by invoking a three-month notice clause outlined in their joint venture agreement. – PDC pic, October 17, 2023
News

PDC terminates joint venture with Umech Land amid criticism over land deal

Penang Development Corporation cites major changes to Umech Land’s equity structure as key reason

Scoop Reporters
Updated
12:40 PM MYT

 

KUALA LUMPUR – The Penang Development Corporation’s (PDC) board of directors has called off the joint venture with Sunway-owned Umech Land Sdn Bhd amid criticism over the land deal involving PDC’s land in Byram, Seberang Prai.

In a statement today, PDC said it issued a three months’ notice to Umech Land as outlined in clause 19 of the joint venture agreement.

However, PDC cited that major changes to Umech Land’s equity structure, which led to a change in the controlling stakeholder, were not approved by PDC and could not be accepted by the PDC board.

After the contract is terminated, PDC is free to advertise for a Request for Proposal for a proposed collaboration to develop Taman Perindustrian BKIP2. 

Despite criticism, PDC said it found Umech Land’s selection process, including the determination of cash contributions and payment schedule to PDC, was transparent and in line with PDC policy.

“The board is also aware that this collaboration will have a positive impact on PDC’s cash flow and benefit Penang’s development.”

Last week, former deputy chief minister II P. Ramasamy urged Chief Minister and PDC chairman Chow Kon Yeow to suspend the sale of PDC’s 226.22 hectares of land in Byram, near the Pulau Burung landfill site in the BKIP2 industrial park.

Ramasamy had said 70% of Umech Land shares were acquired by Sunway Bhd a few days before the sale of the land and that negotiations for the deal were with Umech Construction.

The next day, Chow said the decision was ultimately left to the PDC board.

Previously, the Penang Chinese Chamber of Commerce reportedly questioned the state for awarding the project through direct negotiations. – October 17, 2023

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