Tat Hong/ Boustead/ CSC Holdings

Tat Hong/ Boustead/ CSC Holdings: Wholly-owned subsidiary of CSC Holdings, L&M Ground Engineering, entered into a JV formed with Tat Hong International, AME Land Sdn Bhd and Boustead's BP Lands Sdn Bhd, for a mixed property development at six parcels of vacant land in Nusajaya, Iskandar, Malaysia. Total paid up capital breakdown as follows: L&M Ground Engineering will take up 5% stake for Rm0.5m Tat Hong International will take up 25% stake for Rm2.5m AME Land will take up 35% stake for Rm3.5m BP Lands will take up 35% stake for Rm3.5m Recent developments have resulted in a change in dynamics in the Nusajaya area. Both THI and L&M's land parcel(s), located adjacent to each other and coincidentally acquired in 2011, had become incompatible with its original intention as a storage facility, due to a rise in the market value of the land. The six parcels are approximately 29.5 acres, or 1.3m sf, in size and is in close proximity to residential, commercial, educational and medical facilities. Both Tat Hong and CSC considers the JV as a good avenue to realise a more efficient use on its land(s) to create further value for shareholders.