

Earlier, Najib and Lee were briefed on the concept for both the Urban Wellness and Resort Wellness developments. The architect, master planner and key consultants havwe been selected for the project, with the initial phase expected to commence in 2013 and the whole project to be completed in five years. E&O will also carry out the project management and marketing for the Resort Wellness site. For the Resort Wellness project, Pulau Indah and an indirect wholly-owned subsidiary of Eastern and Oriental Berhad (E&O), had exchanged the Shareholders' Agreement in relation to Nuri Merdu Sdn Bhd, the 50:50 joint venture vehicle for the Resort Wellness project. The project is expected to commence in 2013 and completed over the next four years. For the Urban Wellness project, Pulau Indah has appointed CapitalLand as project manager via the exchange of the Project Management Agreement. The gross development value of the projects, which include the development of a wellness centre, serviced residences, a corporate training centre, commercial, retail and residential and wellness-related offerings, is estimated at approximately RM3.0 billion. It will also develop the 85.5 ha 'Resort Wellness' project in Medini Central. Meanwhile, Pulau Indah Ventures Sdn Bhd (Pulau Indah), a 50:50 joint venture between Khazanah and Temasek, will develop the 'Urban Wellness' project on a 2.02 ha site in Medini North. It added that M+S has appointed architects and consultants for the Marina South and Ophir-Rochor developments and submitted the designs for provisional planning approvals in the last quarter of last year. The developments in these areas are expected to be completed over the next six years, with CONSTRUCTION expected to commence in 2013, according to a joint statement released by Khazanah and Temasek after the bilateral meeting between Prime Minister Datuk Seri Najib Tun Razak and his Singapore counterpart Lee Hsien Loong here on Thursday. M+S, a company owned 60:40 by Khazanah and Temasek respectively, is set to develop land parcels in Marina South and Ophir-Rochor with an estimated gross development value of RM27 billion (S$11 billion). PUTRAJAYA (Jan 5): Khazanah Nasional Bhd (Khazanah) and Temasek Holdings (Pte) Ltd (Temasek) are currently in the midst of discussions with banks to provide financing for M+S Pte Ltd development projects in Singapore. This would be followed by the proposed consolidation of every five Lion Corp shares of 20 sen each into one share of RM1 each after the capital reduction was completed. Lion Corp had said the proposed capital reCONSTRUCTION involved the proposed reduction of the par value of the existing LionCorp shares of RM1 each to 20 sen each by cancelling 80 sen. This settlement would involve the issuance of one new share at par value of RM1 Lion Corp share and deferred cash payment of 20 sen for every RM1 of the overdue amount. To recap, the 950 million new shares was to settle the RM950 million due by Megasteel to the unsecured trade creditors with an overdue amount of RM500,000 and above as at April 30, 2011. However, the approvals were subject to conditions, wherein Lion Corp must fully comply with the relevant provisions under the Main Market Listing Requirements of Bursa Securities. The company said on Thursday Bursa Securities had also approved the proposed share consolidation. KUALA LUMPUR (Jan 5): LION CORPORATION BHD has received Bursa Malaysia Securities Bhd's approval to list up to 950 million new shares to settle the overdue amount owed by its 79% subsidiary Megasteel Sdn Bhd.
