<div class=newsTextDataWrapInner><p>This article first appeared in <em>The Edge Financial Daily,</em> on June 14, 2016.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Puncak Niaga Holdings Bhd has terminated the subcontractor for the sewerage pipe network project at the Bunus catchment area here, for slow progress of work.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia yesterday, the group said its wholly-owned subsidiary Puncak Niaga Construction Sdn Bhd (PNCSB) has served a notice on Genbina Sdn Bhd to terminate the contract contained in a letter of award (LoA) issued in 2014.</p></div>

<div class=newsTextDataWrapInner><p>“The contract was terminated due to various breaches of contract under the LoA and slow progress of work at the work site despite several notices given to Genbina, and PNCSB had also exercised its rights to accept Genbina’s repudiation of the contract under common law,” it said.</p></div>

<div class=newsTextDataWrapInner><p>Puncak Niaga said the termination is not expected to have any effect on the project as Genbina has been asked to comply with the post termination handover procedures, and PNCSB will take the necessary steps to engage new subcontractors for the works.</p></div>

<div class=newsTextDataWrapInner><p>The company was awarded the project, worth RM394 million, on Feb 14, 2014.</p></div>

<div class=newsTextDataWrapInner><p>Puncak Niaga shares closed the day one sen or 0.88% lower at RM1.12, with a market capitalisation of RM500.92 million.</p></div>


This article first appeared in The Edge Financial Daily, on June 14, 2016.

 

KUALA LUMPUR: Puncak Niaga Holdings Bhd has terminated the subcontractor for the sewerage pipe network project at the Bunus catchment area here, for slow progress of work.

In a...

Puncak Niaga terminates sewerage pipe project subcontractor

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