Latest news with #VIZIONEHoldingsBhd
Malaysian Reserve
11-06-2025
- Business
- Malaysian Reserve
Vizione terminates RM490m Sabah apartment contract with Permaju unit
VIZIONE Holdings Bhd has mutually terminated a RM490 million turnkey construction contract to build three blocks of apartments in Kota Kinabalu, Sabah, originally awarded in December 2023. In a filing today, Vizione said its subsidiary Bina Permai Sdn Bhd and the project owner, Permaju Property Sdn Bhd (formerly Hardie Development Sdn Bhd), agreed to terminate the letter of award (LOA) due to uncertainties in project approvals and commercial viability. Vizione noted that no work had commenced since the LOA's acceptance on Dec 7, 2023, and no material costs were incurred. The termination is not expected to impact the group's earnings or net assets in the immediate term. PPSB is a wholly owned subsidiary of Permaju Industries Bhd. Vizione stock closed 6.67% lower to 7 sen, with a market capitalisation of RM38.7 million. Meanwhile, Permaju Industries' stock closed unchanged at 1 sen, with a market capitalisation of RM20 million. –TMR
Malaysian Reserve
11-06-2025
- Business
- Malaysian Reserve
Vizione, Permaju unit terminate RM250m construction deal over project uncertainty
VIZIONE Holdings Bhd and Permaju Property Sdn Bhd (PPSB) have mutually agreed to terminate a RM250 million construction contract, citing uncertainties related to project approvals and commercial viability. 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
Malaysian Reserve
05-05-2025
- Business
- Malaysian Reserve
Vizione ends Gombak project contract after financing and planning setbacks
VIZIONE Holdings Bhd has clarified that its RM750 million construction contract with Fields of Forest Sdn Bhd (FOFSB) was terminated amicably due to prolonged uncertainties in project planning and financing. In a filing today, the company said FOFSB was unable to finalise the project development mix within a reasonable timeframe, citing prevailing market uncertainties. This it said caused delays in securing amended building plan and advertising permit approvals. Additionally, FOFSB encountered financing hurdles that impeded the timely release of loan funds. Following a thorough reassessment of the project's commercial viability, and the inability of both parties to reach a mutually acceptable solution, the contract — originally accepted on May 29, 2024 — was terminated by mutual agreement. Vizione said that no work had commenced and no material costs were incurred in relation to the project. — TMR
Malaysian Reserve
30-04-2025
- Business
- Malaysian Reserve
Vizione's RM750m Gombak project terminated by mutual consent
VIZIONE Holdings Bhd said that a RM750 million construction contract awarded by related party Fields of Forest Sdn Bhd has been mutually terminated with immediate effect, without disclosing specific reasons. The project involved building serviced apartments, shoplots, and a parking complex in Gombak, Selangor. The contract, secured on May 30, 2024, was with a company linked to Vizione's MD Datuk Ng Aun Hooi and ED Bee Jian Ming, both indirect shareholders of Fields of Forest. Vizione said the cancellation is not expected to materially impact near-term earnings or net assets. Its shares closed 6.3% higher at 8.5 sen today, giving the company a market capitalisation of RM46.9 million. –TMR
