KUALA LUMPUR (Aug 10): MPHB Capital Bhd's 98.2%-owned subsidiary Mimaland Bhd has terminated its joint venture agreement (JVA) with Bandar Raya Developments Bhd (BRDB) unit Magna Senandung Sdn Bhd,

In a filing with Bursa Malaysia today, MPHB said that Mimaland had entered into a deed of termination with Magna Senandung to mutually terminate the JVA.

To recap, the two companies had on April 29, 2011 entered into the JVA for the proposed development of the land owned by Mimaland in the Gombak district.

According to previous reports, the JVA for the redevelopment of Mimaland, which was once a famous recreation theme park that had closed down in the early 90's, involved the development of seven parcels of leasehold and freehold land measuring approximately 324.05 acres.

"Upon the termination of the JVA, neither party shall have any claims whatsoever against the other in respect of the JVA, and the termination of the JVA will not have any material effect on the earnings, net assets and gearing of the company and the group for the financial year ending Dec 31, 2015," said MPHB.

MPHB (fundamental: 1.9; valuation: 2.1)'s share price dropped four sen or 2.35% today to RM1.66 giving it a market capitalisation of RM1.2 billion.

(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.)