KUALA LUMPUR (July 24): Nextgreen Global Bhd has terminated its Memorandum of Understanding with China Nuclear Industry Huaxing Construction Co Ltd to develop and manage the second and third phases of its Green Technology Park.

Nextgreen — formerly known as BHS Industries Bhd — said it has not entered into any definitive or cooperative agreement with China Nuclear pursuant to the MoU.

“Both parties will continue to explore cooperation opportunities in the foreseeable future,” the printing firm added in a filing with the stock exchange.

As recently as April 24, the group had said that it was still in negotiation with China Nuclear with regards to the terms of the cooperation agreement in relation to the joint venture company.

It had on Nov 1, 2016 signed the MoU with China Nuclear to aid in the development of its Green Technology Park, power generation station and other auxiliary facilities. Phase 2 was said to involve a factory with the capacity to produce 100,000  tonnes of box liner paper and 120,000 tonnes of corrugated paper, while Phase 3 would involve another factory with capacity to produce 65,000 tonnes of tissue paper.   

To have been located in Pekan, Pahang, the RM2 billion park was planned to have a total of four phases spanning 410 acres and house industries that utilise green technology.

Shares in Nextgreen closed up 0.5 sen or 1.41% at 36 sen, giving the group a market capitalisation of RM162.89 million.