Malton, Nan Hai Corp's bid to build superstructure in Taipei affected

  • Construction
  • Thursday, 08 Aug 2019

KUALA LUMPUR: Malton Bhd and Hong Kong-based Nan Hai Corporation Ltd's construction joint venture in Taipei has been affected after the Taiwan government disallowed the remittance of NT$1bil or RM133.66mil.

Malton said on Thursday the money was for the setting up of the special purpose vehicle (SPV) to build a superstructure above the airport express train station near the Taipei main train station.

Malton said in a statement to Bursa Malaysia the Investment Commission, Ministry of Economic Affairs of Taiwan did not allow the joint applicant to remit NT$1bil to Taiwan to establish the SPV.

To recap, Nan Hai received a letter from the Department of Rapid Transit Systems, Taipei City Government that they had to sign the investment agreement for the project with the Taipei City authorities by Friday.

If they fail to meet the deadline, they would have deemed as waiving their qualifications as the best applicant for the project, Malton said.

“The joint applicant disagrees with the position taken by the relevant authorities and will take legal steps to protect its interest and where possible, take steps to re-instate its qualifications as the best applicant for the project.

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