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This article first appeared in The Edge Financial Daily on April 17, 2018

KUALA LUMPUR: Timber products manufacturer NWP Holdings Bhd has terminated an agreement to buy a 30% stake in US-incorporated Aviation AI Inc (AAI).

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

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

According to the announcement then, NWP Builder had planned to buy AAI for US$1.5 million (RM5.83 million) from Datuk Ismail Hassan. AAI is involved in private charter air transport services. It owns a Gulfstream G-1159A aircraft. Separately, NWP announced the appointment of Wong See Ming as group executive director (ED).

The filling indicated that the 51-year-old Wong was appointed 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.

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