Friday 29 Mar 2024
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KUALA LUMPUR (Feb 19): Pesona Metro Bhd (PMB) announced today a mutual termination of a joint venture contract worth RM371.42 million.

It said Pembinaan Kaleigh Sdn Bhd–Pesona Metro Sdn Bhd JV, an unincorporated joint venture formed by Pembinaan Kaleigh Sdn Bhd and Pesona Metro Sdn Bhd, had on Feb 19 2019 entered into the Mutual Termination Agreement for the above Project.

Pesona Metro Sdn Bhd (PMSB) is a wholly-owned subsidiary of PMB.

The mutual termination is in relation to the Letter of Award accepted by the JV from Konsortium Kontraktor Melayu Sdn Bhd — Pembinaan Kaleigh Sdn Bhd for the project on Sept 9 2016. The relevant announcement was made on Sept 9 2016.

The contract was for the construction and completion of civil works for Section 6 Kapar Interchange to Asam Jawa Interchange of the privatisation of West Coast Expressway (Lebuhraya Persisiran Pantai Barat).

To recap, the contract was worth RM371.42 million, and the duration of the project was 30 months, commencing Sept 12, 2016 until March 11, 2019.

The company also noted that the mutual termination of this project will not have any impact on the issued and paid-up capital of the company.

“Based on the agreed settlement sum, there is no material impact to the earnings and the net assets of the group,” Pesona Metro added.

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