As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.
KUALA LUMPUR: Protasco Bhd
's subsidiary HCM Engineering Sdn Bhd and its partner have been terminated by Turnpike Synergy Sdn Bhd as a contractor for the proposed Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) due to delays in the project.
HCM had formed a 40:60 joint venture with Hatimuda Sdn Bhd, which was subsquently awarded the contract by Turnpike. The contract value of RM315.8mil and was expected to be completed in 30 months by Feb 28, 2019.
In a stock exchange filing, Protasco said HCM-Hatimuda was served with the notice of termination due to an overall delay and physical delay of the project.
Protasco said there is no significant impact on its net assets and earnings for the current financial year as the project was solely financed, implemented and managed by the joint venture party.
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