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Equine Capital Bhd is looking to raise its stake in it's subsidiary Abad Naluri Sdn Bhd due to anticipation of growth and the development of the Penang Global City Centre(PGCC).
"It is like
ly that we will increase our stake in Abad Naluri from it's current 25% and begin to play a more dominant role in the company" stated Equine executive chairman, Datuk Patrick Lim confident that Abad Naluri will be looking at a high growth rate.
PGCC has already attracted international attention with its modern, contemporary and striking designs setting Penang as a global icon.
PGCC with a GDV of RM20 billion will be developed on a 104ha site that is currently being occupied by the Penang Turf Club. It will be one of the few "carbon-zero" cities in the world.
High-end retail outlets, hotels, office spaces, and a performing arts centre are just some of the facilities that will be found in the city.
"Our next step would be to finalize our financial model to be employed to fund this project" Lim said, adding that it would comprise a mix of equity, long-term debt and foreign direct investment. The financing will probably be announced by year-end.
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