Hong Lai Huat Group has entered into a joint venture agreement with Smart Winner Co. for a mixed-use development project in Cambodia on Nov 1.

Under the agreement, Hong La Huat will pay US$10 million ($13.5 million) for a 49.6% stake in the joint venture company. Smart Winner Co., which owns the 11.5-hectare site for the proposed development, will hold the remaining 50.4% stake.

Hong Lai Huat will also contribute US$5 million towards the working capital of the joint venture company. In addition, it has the right of first refusal to purchase an additional 19.54% stake in the JV company for US$6.5 million within the next 12 months.

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