Gelonghui, March 8, 丨 Oriental Industrial Holdings (00430.HK) announced that on March 8, 2024, Rich Return (an indirect wholly-owned subsidiary of the company), Securidon, Temokin, and the joint venture Torus Development Sdn. Bhd. entered into this agreement to set up a joint venture to engage in the acquisition and development of the land. Rich Return's maximum capital commitment to the joint venture was RM65,000,000.

Under the agreement, Rich Return will own 49%, Securidon 30%, and Temokin 21%, respectively.

This land refers to a leased plot of land located in H.S. (D) 133085, PT 12412, Bandar Ampang, Daerah Hulu Langat, Negeri Selangor, covering an area of approximately 5.26 acres.

The Board believes that cooperation with Securidon and Temokin under the agreement provides a good opportunity to leverage the Group's knowledge and expertise in property acquisition and project management, and to cooperate with experienced investors to expand its business. The joint venture will also help the Group expand its business into real estate development, use Securidon and Temokin's larger capital pools to establish a richer large-scale project portfolio, and help expand its property investment business.