Malaysia's Berjaya Land in JV for Maldives resort

Reuters    Translate This Article
28 March 2008

KUALA LUMPUR, March 28 (Reuters) - Property developer Berjaya Land Bhd has entered a joint venture to build a $115 million resort under the Ritz-Carlton brand in the Maldives, Berjaya said on Friday.

The venture, owned about 57 percent by Berjaya Land, will hold 80 percent of the local company formed to build and operate the 90-villa resort on Ekulhivaru island, it added. The other 20 percent would be held by the Maldives Tourism Development Corp.

($1=3.197 Malaysian Ringgit)

(Reporting by Mark Bendeich: Editing by Niluksi Koswanage)

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