Vizione, Permaju Property mutually agree to terminate RM490mil deal
KUALA LUMPUR: Vizione Holdings Bhd has mutually agreed with Permaju Property Sdn Bhd to terminate a previously accepted letter of award (LOA) worth RM490 million effective immediately.
In a filing with Bursa Malaysia today, Vizione said the decision came after Permaju opted to re-submit the project's development plans to authorities, prompting both parties to reassess the project's commercial viability.
"No work under the LOA had commenced and the company did not incur any material cost since its acceptance on Dec 7, 2023," the company noted.
It added that the termination will not have any material impact on its earnings per share or net assets per share.
Its shares fell 6.67 per cent or half a sen to seven sen from the previous closing price of 7.5 sen, bringing its market capitalisation to RM36 million.
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