Suria Capital calls off MoUs
By Jose Barrock
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KUALA LUMPUR: Suria Capital Holdings Bhd is not proceeding with its proposed joint ventures (JVs) with Glomac Bhd and IJM Corp Bhd announced last January, the company told Bursa Malaysia.
The Sabah state-controlled Suria Capital and IJM Corp, had signed an MoU to jointly build a 16-storey condominium, the Suria Vista, and an 11-storey six-star boutique hotel at the Jesselton Waterfront Project. IJM yesterday announced that the two companies had mutually agreed not to proceed with the project.
Similarly, Glomac signed an MoU with Suria Capital to develop a 23.2-acre (9.4ha) land at the Jesselton Waterfront Project. Glomac announced that, “in view that both parties have failed to arrive to an agreement on issues that are critical in order to crystalise the proposed JV, Glomac has decided not to proceed with the proposed JV”.
It is not clear what the issues stated by Glomac are.
In a separate announcement to Bursa Malaysia, Suria Capital said its MoU with Kota Kinabalu Pavilion Sdn Bhd to develop a 10-storey commercial and office building was still being negotiated.
The MoUs for the three projects were signed in late January in conjunction with the launching of the Sabah Development Corridor.
The impact of the two deals being scuttled is unclear, but should be minimal as no real work is likely to have commenced.
For the first three months of FY2008, Suria Capital posted a net profit of RM10.1 million on the back of RM68.7 million in revenue.
The Sabah government, via Warisan Harta Sabah Sdn Bhd and Yayasan Sabah Sdn Bhd, controls about 50% of Suria Capital’s equity.
Hahaha. What a joke for SDC? Suria Capital apa lu buat sama partner ko sampai called off itu project? Kena liwat ka? Muahahaha