Latest news with #VIZIONEHoldingsBhd
Malaysian Reserve
05-05-2025
- Business
- Malaysian Reserve
Vizione ends Gombak project contract after financing and planning setbacks
VIZIONE Holdings Bhd has clarified that its RM750 million construction contract with Fields of Forest Sdn Bhd (FOFSB) was terminated amicably due to prolonged uncertainties in project planning and financing. In a filing today, the company said FOFSB was unable to finalise the project development mix within a reasonable timeframe, citing prevailing market uncertainties. This it said caused delays in securing amended building plan and advertising permit approvals. Additionally, FOFSB encountered financing hurdles that impeded the timely release of loan funds. Following a thorough reassessment of the project's commercial viability, and the inability of both parties to reach a mutually acceptable solution, the contract — originally accepted on May 29, 2024 — was terminated by mutual agreement. Vizione said that no work had commenced and no material costs were incurred in relation to the project. — TMR
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
