PETALING JAYA: The joint-venture agreement (JVA) between UEM Sunrise Bhd
, Medini Security Services Sdn Bhd (MSS) and Nusajaya Five O Sdn Bhd (NFO) to form a full-fledged security service company in Nusajaya has been rescinded due to NFO’s inability to obtain a security licence as it was unable to fulfil certain criteria.
UEM Sunrise said in a filing with Bursa Malaysia that the JVA was rescinded as NFO was unable to secure the approval from the Home Ministry, which stated that 30% of the equity in NFO is to be held by individual or group individual shareholders of the following criteria:
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