- Software developer The Media Shoppe has made its first foray into the property development and construction industry through its wholly-subsidiary, Exonion, in a RM192 million deal to develop a piece of land in Kemaman, Terengganu.
- Exonion has been appointed managing contractor by, and will be responsible for providing professional project management facilities for the development of the land measuring 12.1 hectares into a mixed project.
- According to filing, the project will begin after a letter of award is issued (within two weeks of the execution of the managing contractor agreement) and the development is expected to be completed within four years from the commencement of the project.
Significance: Despite traditionally being a software development firm, the group is confident about the project, as its new management is said to have the resources, expertise and experience in the industry. The diversification of the business is aimed at providing another source of income and for the possible turnaround of the firm in the next few years.
Contributed by Shares Investment