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Saturday, January 26, 2008

Berjaya Land aborts Vietnam project

BERJAYA Land Bhd's plans of developing residential and commercial properties in Vietnam's Nhon Trach district has fallen through.

In an announcement to Bursa Malaysia yesterday, Berjaya Land said it will not proceed with its co-development plans with Tin Nghia Co Ltd, a leading state-owned enterprise in Dong Nai.

The property development is inclusive of its transportation and infrastructure network.

"The board wishes to inform that after much discussion and consideration, the parties involved have decided not to proceed with the project based on the findings of the feasibility study report," Berjaya Land said.

Berjaya Land had signed a memorandum of understanding in November 9, 2006 but the memorandum will now be mutually terminated by the related parties.

By New Straits Times

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