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Sdn Bhd (MSS) and Nusajaya Five O Sdn Bhd (NFO) to form a full-fledged security service company in Nusajaya has been rescinded due to NFO’s inability to obtain a security licence as it was unable to fulfil certain criteria.
UEM Sunrise said in a filing with Bursa Malaysia that the JVA was rescinded as NFO was unable to secure the approval from the Home Ministry, which stated that 30% of the equity in NFO is to be held by individual or group individual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:
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
