KUALA LUMPUR, Jan 5 — UEM Sunrise Bhd, Telekom Malaysia Bhd (TM) and Iskandar Investment Bhd (IIB), through their wholly-owned units, have decided to end their joint venture (JV) in managed services.

UEM Sunrise said its subsidiary UEM Land today inked an agreement with TM’s unit Intelsec Sdn Bhd and IIB Property Services Sdn Bhd to mutually terminate their joint venture and shareholders’ agreement dated July 1, 2014.

"The JV termination agreement (JVTA) is mutually agreed by all shareholders of Inneonusa. This is in line with UEM Sunrise’s initiative to streamline its asset portfolio, allowing the company to better focus on its core business,” the property developer said in a filing with Bursa Malaysia.

Together, the parties started the JV a decade ago to provide smart in-building and smart city services in Iskandar Puteri, Johor, said UEM Sunrise, the city’s master developer.

The JV company, Inneonusa Sdn Bhd, is 51 per cent owned by Intelsec, 39 per cent by UEM Land and 10 per cent by IIB Property Services. At an extraordinary general meeting today, the shareholders agreed to the voluntary winding up of Inneonusa.

UEM Sunrise said the JVTA would not have any material effect on its earnings per share, net assets per share, gearing, share capital and the shareholdings for the financial year ending December 31, 2024.

Barring any unforeseen circumstances, there are no risks factors identified in relation to the JVTA, it added. — Bernama