Latest news with #Vizione
Malaysian Reserve
11-06-2025
- Business
- Malaysian Reserve
Vizione terminates RM490m Sabah apartment contract with Permaju unit
VIZIONE Holdings Bhd has mutually terminated a RM490 million turnkey construction contract to build three blocks of apartments in Kota Kinabalu, Sabah, originally awarded in December 2023. In a filing today, Vizione said its subsidiary Bina Permai Sdn Bhd and the project owner, Permaju Property Sdn Bhd (formerly Hardie Development Sdn Bhd), agreed to terminate the letter of award (LOA) due to uncertainties in project approvals and commercial viability. Vizione noted that no work had commenced since the LOA's acceptance on Dec 7, 2023, and no material costs were incurred. The termination is not expected to impact the group's earnings or net assets in the immediate term. PPSB is a wholly owned subsidiary of Permaju Industries Bhd. Vizione stock closed 6.67% lower to 7 sen, with a market capitalisation of RM38.7 million. Meanwhile, Permaju Industries' stock closed unchanged at 1 sen, with a market capitalisation of RM20 million. –TMR
Malaysian Reserve
11-06-2025
- Business
- Malaysian Reserve
Vizione, Permaju unit terminate RM250m construction deal over project uncertainty
VIZIONE Holdings Bhd and Permaju Property Sdn Bhd (PPSB) have mutually agreed to terminate a RM250 million construction contract, citing uncertainties related to project approvals and commercial viability. In a filing with Bursa Malaysia today, Vizione said PPSB, a wholly owned subsidiary of Permaju Industries Bhd, intends to re-submit the project's development plans to the authorities. Following a reassessment, both parties agreed to terminate the letter of award (LOA) on an amicable basis, effective immediately. 'No work related to the LOA was commenced and the company did not incur any material cost related to the LOA since its acceptance on December 7, 2023,' Vizione said. The contract, first announced in December 2023, covered the third phase of a 10-phase development under a joint . At the time of the award, only two phases had been completed. The project was initially scheduled to begin on Jan 1, 2025. The termination is not expected to have any material impact on Vizione's earnings per share or net assets per share in the immediate future. –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
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.
