Signing Of Memorandum Of Understanding

BackJul 16, 2010
Date Announced
:
 16/07/2010  




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 Al-Waatasemu Charity Foundation (“WCF”) of the Great Socialist People's Libyan Arab Jamahiriya for the purpose of recording their broad vision and cooperation towards the investment, design and construction of a proposed tower block containing 50 storeys, subject to variation, of which project is known as the Gaddafi Tower.

The proposed construction of Gaddafi Tower shall be on a parcel of land containing 11,200 square meters, more or less, situate in the Tripoli City Centre, Libya which land belongs to WCF.

NESB as an engineering and construction company expresses interest to invest, undertake the design, and construction of this Gaddafi Tower for WCF.

The MOU shall lapse upon the execution of a formal contract of joint-venture for the project proposed to be signed on or before the 1st day of September 2010.

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 16 July 2010