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Lasseters units in joint venture with Paramount Corp to develop Shah Alam hotel
CATALIST-LISTED Lasseters International Holdings said on Tuesday that it has formed a joint venture (JV) with Paramount Corporation to develop a hotel in Glenmarie, Shah Alam, Malaysia.
The JV is sealed through Lasseters' wholly owned subsidiaries, Lasseters Properties (LPSB) and Lasseters Management (LMSB).
Lasseters said that the parties have subscribed to shares in property development firm Super Ace Resources (SARSB), such that LPSB and LMSB own 54 and one per cent of equity interest in SARSB respectively.
Paramount Corporation Berhad owns the remaining 45 per cent equity interest in SARSB.
The aggregate consideration paid by LPSB and LMSB for the subscription is RM55,000 (S$18,103.60), and Paramount Corporation Berhad had injected RM45,000 for its equity interest.
Lasseters added that the equity investment in SARSB is funded through internal resources and is not expected to have any material impact on the company's financials for the current financial year.