Naim Indah Corp's project management consultancy contract aborted

PETALING JAYA: Naim Indah Corp Bhd's contract to provide project management consultancy for a mixed commercial project in Klang has been terminated.
Naim told Bursa Malaysia that the company and Lagenda Erajuta Sdn Bhd had on November 7 mutually agreed to cease the letter of award for the project due to the delay in obtaining approval for the land transfer and changing in land usage status matters from the local authorities by Lagenda.
The contract was awarded to Naim back in February 2015 by Lagenda for the mixed commercial development consisting of duplex shop office, hotel tower, anchor lot, cineplex and related external works. The value of the contract was estimated at RM18 million.
Naim is of the view that the cessation of the letter of award would have an impact on its revenue and profit.
At the noon break, its shares were unchanged at 6 sen on some 4.83 million shares done.