Vizione, Permaju unit terminate RM250m construction deal over project uncertainty
In a filing with Bursa Malaysia today, Vizione said PPSB, a wholly owned subsidiary of Permaju Industries Bhd, intends to re-submit the project's development plans to the authorities.
Following a reassessment, both parties agreed to terminate the letter of award (LOA) on an amicable basis, effective immediately.
'No work related to the LOA was commenced and the company did not incur any material cost related to the LOA since its acceptance on December 7, 2023,' Vizione said.
The contract, first announced in December 2023, covered the third phase of a 10-phase development under a joint .
At the time of the award, only two phases had been completed. The project was initially scheduled to begin on Jan 1, 2025.
The termination is not expected to have any material impact on Vizione's earnings per share or net assets per share in the immediate future. –TMR
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