Naim terminates MOU for development in Libya

KUALA LUMPUR: NCSB Engineering Sdn Bhd, a wholly owned subsidiary of Naim Holdings Bhd, has terminated its memorandum of understanding (MoU) with Al-Waatasemu Charity Foundation (WCF) of Libya to develop a proposed 50-storey tower in Libya.

In a filing to Bursa on Friday, Sept 17, Naim said that the MoU was to establish a joint venture (JV) for the proposed investment, design and construction of the proposed 50-storey tower known as the Gaddafi Tower at Tripoli City Centre, Liby, which was entered into on July 16, 2010.

The MoU had expired on September 1, 2010 and both parties have mutually agreed to treat the MoU as terminated.

In the earlier Bursa filling, the group said that the proposed construction of Gaddafi Tower would be on a parcel of land containing 11,200 sq m belonging to WCF and noted that the MoU shall lapse upon the execution of a formal contract of JV for the project proposed to be signed on or before the 1st day of September 2010.

NESB is an engineering and construction company that has express interest to invest, undertake the design, and construction of this Gaddafi Tower for WCF.