Property developer Menang Corp (M) Bhd plans to take up a 20% stake for RM4 million in a healthcare joint-venture (JV) company to venture into Indonesia's healthcare and wellness business.

Menang will also subscribe up to 30 million non-convertible redeemable preference shares for a total consideration of up to RM30 million in the JV company Alpro Menang Ventures Sdn Bhd (AMV).

In an exchange filing today, Menang said the investment presented an opportunity to form a strategic partnership with Alpro Alliance Sdn Bhd, which holds the majority 80% stake in the JV, to venture into the 'healthcare and wellness business in the thriving Indonesia market.'

Menang said it will subscribe 20 million preference shares for RM20 million in AMV as well as undertake to provide an additional funds of up to RM10 million to AMV, in form and terms to be mutually agreed upon by Menang and ALA, for the purpose of potential acquisitions.

Menang's principal activities are in property development and government development projects in the form of three UiTM private financing initiative (PFI) projects.

Its shares closed at 63 sen today, giving it a market capitalization of RM327 million.