MALAYSIA: Uda agrees to JV with Tesco
Uda Holdings has signed a joint venture agreement with Tesco's Malaysian unit for a 50-50 subscription of shares in Uda subsidiary Koridor Saga. Uda will move from wholly owning its Koridor Saga subsidiary to a 50% equity ownership of the company. Uda has also signed a conditional agreement to sell Koridor Saga a 5.36 ha plot of land in Johor Bahru for R70m (US$18.4m). Koridor Saga plans to have a retail outlet built on the land which it will lease to Tesco.
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