Ekovest active, down 2.42% on no go for Pan Borneo joint venture

KUALA LUMPUR (June 6): Ekovest Bhd shares fell 2.42% in active trade this morning after its joint venture agreement (JVA) with Samling Resources Sdn Bhd to jointly undertake the development and upgrading of the Pan Borneo Highway in the state of Sarawak — Phase 1 for work package contract WPC-02 (Semantan to Sg Moyan Bridge and KSR Interchanges) — with a total contract value of RM2.1 billion, is now void.

At 9.14am, Ekovest fell 1.5 sen to 60.5 sen with 6.82 million shares traded.

Ekovest announced that its wholly-owned subsidiary, Ekovest Construction Sdn Bhd (ECSB) has received a letter on June 4 from Samling Resources, informing that Lebuhraya Borneo Utara Sdn Bhd (LBU), the project delivery partner for the project, has not consented for the project to be sub-contracted to Samling-Ekovest JV Sdn Bhd. — theedgemarkets.com

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