Smart & Connected Nusajaya

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KUALA LUMPUR: UEM Sunrise Bhd (UEMS), the master developer of Nusajaya in Iskandar, Johor, announced that it has entered into a joint venture (JV) and shareholders agreement with Telekom Malaysia Bhd (TM) and Iskandar Investment Bhd (IIB), to form a managed services operating company.

UEM Sunrise, TM & Iskandar collaborate in new JV

"The proposed JV will pave the way towards realising the aspiration of establishing Nusajaya as a world class benchmark for a livable smart city design, build and operations, guided by a common vision and core values shared by both UEMS and IIB," said UEMS in an announcement to Bursa Malaysia.

UEMS said that the joint venture company will be incorporated in the next month, after the Companies Commission Malaysia's approval of the company's name and will have an initial issued and paid of shared capital of RM15 million, divided into 15 million ordinary shares of RM1.00, which UEMS, TM and IIB will subscribe to in cash, with the agreed proportion of 51%, 39% and 10% respectively, within three months.