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Jetson Construction ends JV with China firm

KUALA LUMPUR: Kumpulan Jetson Bhd’s wholly owned subsidiary Jetson Construction Sdn Bhd (JCSB) and China State Construction Engineering (Hong Kong) Ltd has terminated their joint venture (JV) agreement that was entered in May.

The construction firm said on Wednesday, Aug 18 that the JV was formed to prepare and submit a tender invited by Naza TTDI Sdn Bhd for the proposed development of a 38-storey building with 10 levels of podium for Platinum Park in Kuala Lumpur.

Jetson Construction had a 60% stake in the JV, which is aimed at pooling and sharing resources in technical and management skills, finance and equipment.

It said that the termination is due to the three parties were not able to come to a consensus in relation to the payment arrangement in respect of the first progress payment.
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