Naim Indah ceases to be project management consultant for Gateway Klang Project

KUALA LUMPUR (Nov 7): Naim Indah Corp Bhd has ceased to be the project management consultant for Lagenda Erajuta Sdn Bhd’s Gateway Klang Project, due to a delay by Lagenda in obtaining approval for the land transfer and a change in the land usage status.

Both parties have mutually agreed to cease the letter of award received by Naim Indah today, the group said in a filing to the stock exchange.

To recap, Naim Indah had in February 2015 received a letter of award for project management consultancy of the mixed commercial development consisting of duplex shopoffices, hotel towers, an anchor lot, a cineplex, and related external works.

The cessation of the award is expected to have an impact on Naim Indah’s revenue and profit, the group said.

Shares in Naim Indah were unchanged at 6 sen as at 2.30pm today. The group has a market capitalisation of RM52.59 million. — theedgemarkets.com

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