Jubilee Industries

Jubilee Industries: Has unveiled a proposed reverse takeover (RTO) deal involving a Malaysian property developer. The company will acquire a 60% stake in a development project in Medini Iskandar which includes a RM180m ($70.3m) profit guarantee from its vendor. The reverse takeover "will transform Jubilee into a developer with a foothold in Iskandar. On more details on the deal, the MOU was signed with Jewelstone Properties to acquire its wholly owned subsidiary, Tenderside Ventures, for RM150m. Tenderside owns a 60% stake in Viridea Lakeside Sdn Bhd, and has a contract to acquire a development project Viridea @ Medini Lakeside in Johor. The project is a mixed development comprising serviced apartments, retail units and Soho (small office home office) apartments. Viridea will be developing six plots of land, or over 8.2 acres (3.3 ha), which is expected to yield a combined gross floor area of 1.07m sf. The estimated gross development value is RM800m. The project is expected to generate a profit of RM300m. Jewelstone will be controlled by Singapore businessman Dennis Ng, who runs King George Financial Corporation and is a director of Allied Hotel Properties, both real estate companies listed on Canada's TSX Venture Exchange. He is the son of Ng Eng Tee, deputy chairman and executive director of developer United Malayan Land.