The Board of Directors of Keck Seng (Malaysia) Berhad announced that KSM and Lim & Lim Plantations Berhad (Lim & Lim), had on 20 October 2022 entered into a Comprehensive Development Agreement with Majlis Bandaraya Pasir Gudang (Pasir Gudang City Council) for the purpose of the development of Pasir Gudang City where Tanjong Puteri Resort and Lim & Lim estates are located, subject to the terms and conditions as stipulated in the CDA. Pursuant to the CDA, KSM will allocate a section of land measuring approximately 20 acres within Lim & Lim estates to MBPG, which is also required under the Town and Country Planning Act 1976 and Piawaian Perancangan JPBD 21/97 Piawaian Perancangan Tanah Lapang dan Rekreasi. MBPG will spearhead the development of a new Administrative Centre (HQ) for Pasir Gudang City.

The Proposed Development is expected to be completed within 3 years where all the costs and expenses to be incurred in relation thereto shall be borne by MBPG. The Board is of the view that the allocation of the Green Reserve Land to MBPG is a fulfilment to Lim & Lim estate's future development and it is in the best interest of KSM Group as it will be beneficial for future commercial and industrial development for KSM Group in Pasir Gudang City, Johor Bahru District. None of the Directors, major shareholders and/or persons connected with them has any interest, direct or indirect, in the CDA.