PETALING JAYA, 7 June: Naim Indah Corp Bhd’s unit Naim Indah City Development Sdn Bhd has terminated a memorandum of understanding (MoU) with Myanmar firm United Pacific Development Co to build a 32-storey office tower in Yangon, Myanmar.
In a stock exchange filing yesterday, Naim Indah said the MoU was aborted as both parties were unable to reach an agreement on the terms of the proposed joint venture (JV) to undertake the project.
The two parties had entered into the MoU in June last year, with the intention of undertaking the project via a JV in which Naim Indah City would hold 51% interest and United Pacific would hold the rest.
Naim Indah City was to manage and complete the development and construction of the project within four years from the date of the JV agreement.
On March 10, 2016, the group said it had appointed Rajah & Tann Legal Myanmar Co Ltd to prepare the JV agreements and the application to Myanmar Investment Commission for the proposed JV.
It extended the duration of the MoU for three months to June 10, 2016 in order to finalise the terms of the joint-venture agreement.