Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 4): Malaysia Pacific Corp Bhd (MPCorp) has aborted its collaboration with Black Sea Horizon Investment Holdings Ltd to promote Malaysia as Asia's 'Economic Corridor', following four extensions after the deal was first announced in October 2013. 

In a filing with Bursa Malaysia today, the Practice Note 1 (PN1) and PN17 company said the period of its memorandum of understanding (MoU) with Black Sea would not be extended, and as such, has lapsed.

Black Sea is a Chinese State-Owned Enterprise and is principally involved in consumer trade, property development, hospitality, oil refineries and oil trade.

Originally, under the MOU, MPCorp and Black Sea Horizon would jointly promote Malaysia as the Asia 'Economic Corridor' of trade and services with links to Asean, China, India and The Middle East, via the establishment of an Asia Pacific Trade and Expo City (APTEC) in Iskandar Malaysia, Johor.

Both parties were supposed to coordinate and secure the relevant co-operation with appropriate partners with the approvals from the regulatory bodies in China and Malaysia to set up the APTEC.

APTEC was envisioned as a consumer products trade hub and would serve as a platform for China-Malaysia Strategic Economic Partnership.

Shares in MPCorp closed unchanged at 19 sen today, for a market capitalisation of RM53.22 million. 

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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