NWP-Holdings.jpg

KUALA LUMPUR (Aug 10): NWP Holdings Bhd said today it has decided to abort a RM744.96 million contract to construct affordable housing under six projects of SPNB Aspirasi Sdn Bhd and Perbadanan PRIMA Malaysia, due to the lack of progress made in negotiations.

In a filing with Bursa Malaysia today, NWP said the termination of the turnkey construction heads of agreement (HoA) was due to not much progress and/or further negotiation taking place since entering into the agreement.

"The agreement has [automatically] lapsed (in the) subsequent three-month period (Dec 6, 2016) as there was no further extension and/or execution of any definitive turnkey agreement," it added.

On Sept 7, 2016, NWP's wholly-owned subsidiary NWP Builder Sdn Bhd had entered into a turnkey construction HoA with M2B World (M) Sdn Bhd (M2BW), appointing NWP Builder as the turnkey contractor for the six projects in Selangor, Sabah, Pahang and Kelantan worth a combined RM744.96 million.

NWP announced yesterday that it had decided to terminate the agreement with M2BW on the appointment of NWP Builder as the turnkey contractor, but it did not give a reason.

At 2.34pm, NWP shares were unchanged at 12.5 sen today, with 214,300 shares done, bringing a market capitalisation of RM49.03 million. — theedgemarkets.com

For more stories, download EdgeProp.my pullout here for free.

  • Stay on top of trending Narratives
  • Use Location Scan to view project options and price trends near your preferred location, including MRT3 stations
  • Check your loan eligibility on LoanCheck, or use LoanReport to get a FREE credit report
SHARE
RELATED POSTS
  1. Affordable housing remains high on Malaysia's agenda, says minister
  2. Kelantan allocates RM55.38mil for people's housing this year
  3. Building affordable homes with digitalisation efforts