KUALA LUMPUR: Damansara Realty Bhd (DBhd) and The Sumitomo Warehouse Co Ltd have aborted their plan to team up in the business of handling and logistics for oil and gas downstream products in Pengerang Integrated Petroleum Complex.
In a filing with Bursa Malaysia, the property development and facility management services firm said the Tokyo-based company had sent a notice agreeing with DBhd to discontinue the memorandum of understanding (MoU) signed last September for the purpose of setting up a joint-venture company (JVC).
This was because “there was no significant progress since the MoU was signed,” DBhd said.
The JVC was intended to design, build and operate the oil and gas-related hubs, warehouse and structure, among others.
The MoU, originally due to expire after three months, had been extended twice -- for another three months in December 2015 and then for six more months in March this year.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
