Trive Property's RM70m PPR contract in Alor Setar terminated

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KUALA LUMPUR (Nov 10): Trive Property Group Bhd said a contract awarded to the group in 2014 under the People's Housing Programme (PPR) has been mutually terminated.

No reason for the termination of the RM70 million contract was given in a filing to Bursa Malaysia today by the property group.

Trive Property said both parties will not make any claims against each other due to the termination.

Tulangis Maju Sdn Bhd had awarded the contract to Trive Property's wholly-owned subsidiary, ETI Tech (M) Sdn Bhd, to undertake project management works in relation to the design and construction of 500 apartment units in Kampung Kilat, Alor Setar.

At the time of the award, Trive Property said the contract was expected to commence upon obtaining site possession, which was anticipated in May 2014, with a construction period of 36 months.

Trive Property's share price hit a seven-year high of 21 sen on Oct 20 but has since fallen by some 55% to 9.5 sen today.

It was the day's sixth most actively traded stock on Bursa Malaysia with 93.2 million shares changing hands.