OCRASB definition
OCRASB or the “Developer”), an indirect subsidiary of the Company had on 20 April 2022 entered into a Joint Venture Agreement (“JVA”) with Magna Ecocity Sdn Bhd (“MESB” or the “Owner”) to fund and undertake the development of a parcel of 99 years leasehold land known as HSD 16667, ▇▇ ▇▇, ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and measuring approximately 80,937 square meters (about 871,199 square feet) (hereinafter referred to as the “Project Land”) in accordance with such plans to be drawn up by the Developer at the Developer’s sole discretion and as may be approved by the Relevant Authority subject to such amendments or variations as may be required by the Relevant Authority and/or deemed necessary or expedient by the Developer and the Owner has agreed to do so for their mutual benefits, subject to the terms and conditions contained therein and the JVA. OCRASB and MESB shall hereinafter be collectively referred to as the “Parties” and individually as the “Party”.
Examples of OCRASB in a sentence
The directors and shareholders of the OCRASB are as follows: Directors Ong Kah Hoe Ong Kah Wee Shareholders Grand Superland Sdn Bhd - - 1 - - 100% Grand Superland Sdn Bhd is a wholly-owned subsidiary of the Company.
OCRASB has an issued share capital of RM1.00 comprising 1 ordinary share and is principally involved in property development.
OCRASB was incorporated in Malaysia on 30 March 2022 as a private limited company under the Companies Act, 2016 and having its business address at ▇-▇▇-▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, PJU 6A, 47400 Petaling Jaya, Selangor Darul Ehsan.
The JV will provide an opportunity to strengthen the Group’s financial earnings via the future development on the Project Land by OCRASB.