KUALA LUMPUR (Sept 9): Travel and tour services provider Parlo Bhd has called off its collaboration with a Myanmar employment agency to source workers for Malaysia and Japan.
Parlo said it has entered into a mutual termination and settlement agreement with Diamond Palace Group of Companies Ltd and Agensi Pekerjaan Seaview Hectare Sdn Bhd, which is a subsidiary of Diamond Palace.
The termination came after the long-deferred commencement of employment agency related services as Myanmar's borders remained closed due to Covid-19, Parlo said in a Bursa Malaysia filing.
“Furthermore, the political landscape scenario in Myanmar remained uncertain due to the military coup which took place in February 2021, resulting [in] the chartering flights for Myanmar migrant workers from Myanmar to Malaysia and Japan [having] not taken place,” it said.
“The company has been working and negotiating with Diamond Palace to obtain a refund of the deposit since July 2021,” it added.
Parlo said all three parties have agreed for Diamond Palace to refund a total of RM10.75 million deposit within seven months as part of the termination arrangement.
Parlo is 20.4% indirectly owned by LKL International Bhd, which in turn is 16.9%-owned by Focus Dynamics Group Bhd.
Focus Dynamics Group is 30.6%-owned by Fintec Global Bhd.
Shares of Parlo closed unchanged at eight sen on Friday (Sept 9), giving the group a market capitalisation of RM37.54 million.