China¡äs CPCG leads consortium to invest RM3 billion in Terengganu
KUALA LUMPUR, Sept 23 -- Pacific Construction Group Ltd (CPCG) will lead a consortium of investors to invest some RM3 billion over the next five years in the areas of infrastructure development, including industrial park, free trade zone and affordable housing in Terengganu.
The initiative is to be led by its Malaysian subsidiary, CPCG Holdings Sdn Bhd, which sealed a memorandum of understanding (MoU) with Terengganu Jiangsu Trade Organisation (TJTO) during the ongoing 16th China-ASEAN Expo 2019 in Nanning, China.
CPCG Holdings director Zhou Ya Dong said the strategic investment was in line with the Chinese government's pursuit of the 'One Belt, One Road' initiative, as well as the East Coast Rail Link.
“We aim to complement these initiatives to enable Terengganu to develop a vibrant and dynamic economy, and foster shared prosperity for those living in the state,” he said in a statement released here today.
The MoU was signed by Zhou and TJTO president Tengku Iskandar Tengku Hashim.
Last year, CPCG founder Yan Jiehe announced plans to invest up to RM10 billion over 10 years in Malaysia in line with the company’s core business areas of infrastructure development, high technology machinery and education.
Some 65 per cent of the RM10 billion will be invested in the construction and infrastructure sector.
CPCG Holdings, headquartered here, is CPCG’s Regional Technical Competency Center.
The statement noted the subsidiary would continue to facilitate CPCG’s investments in Malaysia and across Asia Pacific.
It has successfully delivered the RM200 million construction project in Sabah.
CPCG ranked 97th in 2019 Fortune Global 500 with total revenue of RM319 billion, is the biggest private-owned construction company in the world.