CONSTRUCTION firm Nestcon Bhd said its proposed diversification into property development will take more time and is being revised.
In a filing with Bursa Malaysia today, the company said it will amend the terms of its joint venture with Kumpulan Wilayah Sejati Sdn Bhd for a RM211.7 million serviced apartment project, citing the need for further due diligence on the two parcels of land involved.
The company said revised details related to the JV and diversification plan will be announced later.
The draft circular to Bursa Malaysia will be submitted once the updated proposal is finalised.
Shareholder approval is required for Nestcon to formally diversify into property development.
Separately, Nestcon is proceeding with a RM15.1 million related-party acquisition of three office units in its Nest 2 Residences project in Puchong, which will serve as its new corporate headquarters.
The projects will be funded via internal funds and bank borrowings.
Draft circulars for the acquisition will be submitted separately to Bursa Securities. — TMR
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