Signing Of Memorandum Of Understanding

BackMar 12, 2010
Date Announced
:
 12/03/2010  




Type
:
 Announcement
Subject
:
SIGNING OF MEMORANDUM OF UNDERSTANDING

Contents
:
Naim Holdings Berhad (“the Company”) is pleased to announce that its wholly-owned subsidiary, NCSB Engineering Sdn. Bhd. (“NESB”) has entered into a Memorandum of Understanding ("MOU") today, with the General Board of Privatization & Investment (“GBPI”) of the Great Socialist People’s Libyan Arab Jamahiriya with the aim to working together to come up with a concept for the development of a parcel of land containing approximately 100 hectares situated about 30Km from the Tripoli City Centre in Libya.

The land belongs to GBPI and GBPI is desirous to construct various facilities and amenities of the project known as Solar Oasis Science and Business Park (Solar Oasis). The facilities will include exhibition centre, conference centre, workshops, recreation/golf course/club house, hotels & guest houses, office building, business centre, transportation lines, public parks, utility, medical services and business centre

The 2 parties agreed to continue negotiations and to prepare a preliminary conceptual design of the Solar Oasis, within six (6) months.

The execution of the MOU will not have any material effect on the earnings or net assets of the Company for the year ending 31 December 2010.

None of the Directors, major shareholders and/or persons connected with them has any interest, whether direct or indirect, in the said MOU.


Dated this 12 March 2010