Boustead Projects said on Friday that its wholly owned Malaysia subsidiary BP Aerotech (Subang) entered a joint venture with Malaysia Airports (Subang) to develop an aerospace and technology park in Subang, Malaysia.
BP Aerotech will hold 70 percent of the joint venture, named BPMA Subang, while Malaysia Airports (Subang) will hold the remainder, it said in a filing to SGX after the market close on Friday.
The park, which will be within Subang Aerotech Park, will be leased to companies in the aerospace industry, the filing said.
Malaysia Airports (Subang) is a wholly owned subsidiary of Bursa Malaysia-listed Malaysia Airports Holdings Bhd. (MAHB), which has granted the joint venture the right to sublease around 34.66 acres of land next to Sultan Abdul Aziz Shah Airport, also known as Subang Airport, for the development, the filing said.
Thomas Chu, managing director of Boustead Projects, pointed to his company’s experience delivering projects in the aerospace sector, including Singapore’s Seletar Aerospace Park.
“Malaysia, in particular Selangor, is expected to continue playing an important role in the Asia Pacific’s growing MRO market for aircraft,” Chu said in the statement. “Our partnership with MAHB will allow us to further expand our overseas presence in a high value sector where we are able to add value.”