News

Knusford Berhad (KB or the Company) wishes to announce that its 40% associate company, CBD Development Sdn Bhd (CBDD) had on 31 January 2011 received a letter from Unit Perancang Ekonomi Negeri Johor (UPEN JOHOR) regarding “Projek Transformasi Daerah Sentral Johor Bahru & Pembangunan Projek ‘The Wave’”.

In the letter, The Johor State Executive Council had agreed in principle to appoint CBDD on the following:-

i)    as the Turnkey Contractor for “The Wave” project subject to CBDD submitting a detailed proposal including Business Model to UPEN JOHOR for consideration.

ii)    as the Master Developer for the Transformation of Johor Bahru Central District subject to CBDD submitting a detailed proposal and business model.

"The Wave" project is for the proposed relocation of the city hawkers to a new building to be known as “1 Malaysia Food Court” and is a component of the Proposed Transformation Plan for Johor Bahru City.
 
The appointment will not have any effect on the share capital and net tangible asset of KB and will also have no immediate material effect on the earnings of the Group for the current financial year.  However, the Board expects CBDD to contribute positively to the growth of the Group in later years