NWP up 1.89% on terminating AAI deal; appointment of executive director

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KUALA LUMPUR (Apr 17): NWP Holdings Bhd rose 1.89% this morning after it terminated an agreement to buy a 30% stake in US-incorporated Aviation AI Inc (AAI).

At 9.05am, NWP added 0.5 sen to 27 sen with 406,300 shares done.

NWP said it had decided to terminate the deal which would have been undertaken by its wholly-owned subsidiary NWP Builder Sdn Bhd.

Back in Oct 14, 2016, NWP proposed to buy a stake in AAI to venture into the private charter air transport services business, with the intention of increasing its income.

Separately, NWP announced the appointment of Wong See Ming as group executive director.

It indicated that the 51-year-old Wong was appointed as chief executive officer of the company on Aug 18, 2008, until he was redesignated as group executive director on May 6, 2016.

However, he quit as group executive director of NWP on Sept 28, 2017 and is currently an executive director of NWP Industries Sdn Bhd.