LBS BINA GROUP 100%-owned PELANGI HOMES Sdn Bhd had on May 15, 2007 entered into a Development Agreement with MAGMA DESTAR (M) Sdn Bhd to jointly carry out sand mining on a piece of leasehold and agricultural land measuring 100 acres in Dengkil, Sepang, Selangor and subsequently to develop the land in a residential project. MAGMA DESTAR - the Landowner - will be paid RM5m in 5 installments over 2 years and properties to be developed valued at RM25m. The Company will be entitled to all incomes from the sand mining. The sand mining is expected to yield RM40.2m over 4 years and the Sales Value of the development estimated at RM43m over 3 years.
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