PUC falls 3.8% on JV termination

KUALA LUMPUR: Shares in PUC Bhd fell as 3.8% in early trade Friday, after the company cancelled a joint venture (JV) with GreenTech Malaysia Alliances Sdn Bhd.

The counter fell 3.85%, or 0.5 sen to 12.5 with 70,000 shares traded.

PUC has scrapped a joint venture (JV) with GreenTech Malaysia to jointly bid for renewable energy (RE) projects in government or government-linked corporations, in particular solar, biogas and biomass ventures.

PUC said the decision was made to terminate the partnership after taking into account there was no business undertaken or scheduled or anticipated to be undertaken by the JV company Greentech Malaysia Founder Sdn Bhd (GTMF).

GTMA is wholly-owned by Malaysian Green Technology Corp, an agency under the purview of the Ministry of Energy, Science, Technology, Environment and Climate Change.

Meanwhile, PUC’s memorandum of understanding with point-of-sale services provider Bersian Technology (M) Sdn Bhd to implement a cross-marketing collaboration, has lapsed.

“Following the MoU expiry, the parties have mutually agreed that neither party shall have any claim whatsoever, directly or indirectly, against the other in respect of the MoU,” it said.

It added that the expiry will not have any material financial impact on PUC or its subsidiaries.

Stock on the Move , PUC , GreenTech