Latest news with #BeeJianMing
Malaysian Reserve
30-04-2025
- Business
- Malaysian Reserve
Vizione's RM750m Gombak project terminated by mutual consent
VIZIONE Holdings Bhd said that a RM750 million construction contract awarded by related party Fields of Forest Sdn Bhd has been mutually terminated with immediate effect, without disclosing specific reasons. The project involved building serviced apartments, shoplots, and a parking complex in Gombak, Selangor. The contract, secured on May 30, 2024, was with a company linked to Vizione's MD Datuk Ng Aun Hooi and ED Bee Jian Ming, both indirect shareholders of Fields of Forest. Vizione said the cancellation is not expected to materially impact near-term earnings or net assets. Its shares closed 6.3% higher at 8.5 sen today, giving the company a market capitalisation of RM46.9 million. –TMR
New Straits Times
30-04-2025
- Business
- New Straits Times
Vizione, related party mutually terminate RM750mil construction contract
KUALA LUMPUR: Vizione Holdings Bhd has announced the termination of a RM750 million construction contract awarded by Fields of Forest Sdn Bhd, a related party, almost a year after securing the job. In a filing with Bursa Malaysia, Vizione did not provide a reason for the termination but said that it was mutual. "The board of directors of Vizione wishes to inform that both parties had on April 29, agreed to mutually terminate the letter of award with immediate effect," it said. The group added that the termination will not have any material impact on its consolidated earnings per share or net assets per share in the near term. The contract, announced in May 2024, involved main construction works for Phases 2 and 3 of a mixed development project in Gombak, Selangor. Vizione previously disclosed that the job constituted a related-party transaction, which had yet to be mandated. It said managing director Datuk Ng Aun Hooi and executive director Bee Jian Ming owned 5.28 per cent were indirect shareholders of Fields of Forest.
