04 Oct 2016 GMCI
US-based GMCI lines up projects with Malaysian firms - The Star Online
GMCI Corporation, an investment holding group incorporated in the United States with 10%-15% local shareholders, will be investing in and forming project partnerships with three Malaysian and two Chinese companies.
GMCI said it will be signing memoranda of agreement to partially acquire YCL Precision Engineering Sdn Bhd, to joint venture with Era Estetika Sdn Bhd, and to invest in a Heng Yue Group hotel project in Dongguan, China.
"The corporation will also sign memorandums of understanding with HLC Holding Bhd and Aladdin Information Technology Co Ltd," it said in a statement on Tuesday.
Its chief executive officer Calvin Chin said the decision to invest in Malaysia was due to the country's strong fundamentals and strategic location regionally.
"We support our portfolio for business expansion with our strong network and expertise in the region," he said. "I'm also pleased to announce the opening of our first South-East Asia office in Kuala Lumpur and to introduce a dedicated local management team who will look into the performance of each entity."
The potential partnership with HLC Holding is to develop a 40-storey nature-themed serviced apartment block on the foothills of Genting Highlands, while with Heng Yue Group, GMCI will invest in a themed hotel near Huayang Lake.
GMCI, through subsidiary Biosecret Beauty Wellness, will also form a joint venture with Era Estetika to develop a medical spa boutique. - Bernama