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NewsAstral Supreme Construction terminates pact with Zenith
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Astral Supreme Construction terminates pact with Zenith
by Cals Sun 17 Aug 2014, 22:30
Published: Saturday August 16, 2014 MYT 12:00:00 AM
Updated: Saturday August 16, 2014 MYT 10:39:01 AM
[size=40]Astral Supreme Construction terminates pact with Zenith[/size]
KUALA LUMPUR: Astral Supreme Construction Sdn Bhd has terminated a joint-venture agreement with Zenith PMC Sdn Bhd.
In a filing with Bursa Malaysia, the company said that since the signing of the agreement on Aug 15, 2013, Astral was unable to find consultants who could undertake the project within the budget and the funding requirements.
The agreement entails jointly carrying out a feasibility study and detailed design stage of the “Penang Mainroads and Tunnel Project”, involving the proposed construction of various roads in Penang and an undersea tunnel between Penang island and Seberang Prai.
“Zenith has to meet the milestone set by the Penang government with regard to the feasibility study and design for the project.
“But Astral’s appeal for further delay in the commencement of the project was declined by Zenith and hence the termination,” the company said, adding that with the termination of the agreement, Astral shall not be able to derive contributions from the guaranteed profit under the agreement. — Bernama
Updated: Saturday August 16, 2014 MYT 10:39:01 AM
[size=40]Astral Supreme Construction terminates pact with Zenith[/size]
KUALA LUMPUR: Astral Supreme Construction Sdn Bhd has terminated a joint-venture agreement with Zenith PMC Sdn Bhd.
In a filing with Bursa Malaysia, the company said that since the signing of the agreement on Aug 15, 2013, Astral was unable to find consultants who could undertake the project within the budget and the funding requirements.
The agreement entails jointly carrying out a feasibility study and detailed design stage of the “Penang Mainroads and Tunnel Project”, involving the proposed construction of various roads in Penang and an undersea tunnel between Penang island and Seberang Prai.
“Zenith has to meet the milestone set by the Penang government with regard to the feasibility study and design for the project.
“But Astral’s appeal for further delay in the commencement of the project was declined by Zenith and hence the termination,” the company said, adding that with the termination of the agreement, Astral shall not be able to derive contributions from the guaranteed profit under the agreement. — Bernama
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