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Friday November 23, 2012

Zelan’s RM771mil project runs into trouble

PETALING JAYA: Zelan Bhd's Meena Plaza project in Abu Dhabi, United Arab Emirates has run into trouble following project owner Meena Holdings LLC's decision to terminate the contract.

Zelan told Bursa Malaysia that its wholly owned subsidiary Zelan Holdings (M) Sdn Bhd's Abu Dhabi branch received a letter dated Nov 21, 2012 from Meena Holdings LLC which gave a 14-day notice to terminate the contract and to liquidate the performance bond.

The engineering, construction and property development group said it has instructed its legal counsels in Abu Dhabi to initiate legal actions to challenge the purported termination of contract and liquidation of the performance bond. In March 2008, Zelan had announced that the contract value to build the Meena Plaza mixed-use development was 925.3 million dirhams (RM771mil).

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