OTHERS Termination of Contract
|VIVOCOM INTL HOLDINGS BERHAD|
Termination of Contract
VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR THE "GROUP")
Reference is made to the Company’s announcement dated 20 January 2016 in respect of the award of contract by Coneff Corporation Sdn Bhd (“Coneff”) on 20 January 2016, for the provision of construction works for two (2) blocks of commercial towers comprising service apartments, two (2) storeys of retail units, one (1) storey of recreational centre and seven (7) storeys of car parks located at Lot 36071 & 36072, Phase 3B, Desa Tasik, Mukim Petaling, Sg Besi, Kuala Lumpur (“the Project”).
The Company wishes to announce that VESB had on 9 June 2017 sent a notice to Coneff on the termination of the aforesaid contract due to non-fulfilments of certain contractual obligations. The Board of Directors is of the opinion that the non-fulfilments of the contractual obligations had made it difficult for VESB to complete the project and hence it is in the best interest of the Group to terminate the contract.
The termination of the contract is not expected to materially affect the earnings and net assets of the Group as it has concurrent on-going projects, and is confident of securing additional new projects in the foreseeable future in view of the fact that the Group has a rich pipeline of several sizable projects currently under bid.
This announcement is dated 9 June 2017.
|Company Name||VIVOCOM INTL HOLDINGS BERHAD|
|Date Announced||09 Jun 2017|
|Category||General Announcement for PLC|