Expiry and Termination of Memorandum of Understanding ("MOU") between NCSB Engineering Sdn. Bhd. and Al-Waatasemu Charity Foundation of Libya

BackSep 17, 2010
Date Announced
:
 17/09/2010  




Type
:
 Announcement
Subject
:
Expiry and Termination of Memorandum of Understanding (“MOU”) between NCSB Engineering Sdn. Bhd. and Al-Waatasemu Charity Foundation of Libya

Contents
:
Reference is made to the Company’s announcement dated 16 July 2010 in relation to the MOU entered into between wholly-owned subsidiary, NCSB Engineering Sdn. Bhd. and Al-Waatasemu Charity Foundation to establish a joint venture for the proposed investment, design and construction of the proposed 50-storey tower known as the Gaddafi Tower at Tripoli City Centre, Libya.

After detailed investigations and feasibility studies and further negotiations with Al-Waatasemu Charity Foundation, the Company now wishes to inform that the MOU which expired on 1 September 2010 has not been extended and both parties have mutually agreed to treat the MOU as terminated.

Dated this 17 September 2010

Announcement Details :