KUALA LUMPUR (Nov 3): Daya Materials Bhd's unit Daya Petroleum Ventures Sdn Bhd (DPV) has terminated a memorandum of understanding (MOU) with Kazariah Energy LLP.

In a filing with Bursa Malaysia today, Daya Materials said DPV, via its letter today, gave a notice of termination of the MOU to Kazariah. It did not give a reason for the termination of the MOU.

"The MOU is deemed terminated effective Nov 3, 2014 after receiving a response from Kazariah on the notice of termination," said Daya Materials.

DPV had on Dec 31, 2013 entered into a MOU with Kazariah to record preliminary intentions and understanding between the two companies with respect to the supply of oilfield products and services and subsea engineering services to the oil and gas industry in Kazakhstan.

Kazariah is involved in the provision of technical services and products to various clients in the marine and offshore industry.

Daya Materials shares closed 4.08% down at 23.5 sen today, bringing a market capitalisation of RM326.37 million.