KUALA LUMPUR: SCH Group Bhd has aborted its plan to diversify into the downstream quarry operation by selling deposits from three flood mitigation ponds in Kuala Lumpur.
In a filing with Bursa Malaysia, the quarry machinery and equipment supplier said that its board, having reviewed and assessed the feasibility study on the collaboration, decided not to enter into any definitive agreements with Sewara Engineering Sdn Bhd, Stigma Impiana Sdn Bhd and Dataran 888 Sdn Bhd.
Notices of termination of the memoranda of understanding (MoUs) would be served to the respective parties accordingly, it said.
SCH had signed MoUs on May 17 with the three companies for exclusive collaboration on the excavation and removal, and subsequent distribution and sale, of the deposits from the Bohol, Nanyang and Permaisuri retention ponds.
The deposits referred to materials which can be used, among others, for mixing with cements, bitumen, lime, gypsum, or other adhesive to form concrete or mortar that includes but not limited to quarry sand, gravel, crushed stone and/or slag.