KUALA LUMPUR (Feb 6): Ni Hsin Resources Bhd has abandoned plans to fabricate and supply scaffolding, materials and accessories to Protection Rigging Access Services Sdn Bhd (PRA).

On Nov 2, 2017, Ni Hsin had entered into a memorandum of understanding (MoU) with PRA to undertake the proposed business.

Ni Hsin had then said the business, should it materialise, is expected to contribute positively to the group's future earnings.

In a filing with Bursa Malaysia today, Ni Hsin said the two companies have no intention to pursue any further negotiations with each other in respect of the subject matter of the MOU. They have mutually agreed that the MoU has since lapsed and ceased to have force and effect.

Ni Hsin shares closed down one sen or 5% at 19 sen today, for a market capitalisation of RM51.28 million.