KUALA LUMPUR: Taghill Holdings Bhd
's wholly-owned subsidiary, Siab (M) Sdn Bhd, has mutually terminated a columbarium project with City Centre Columbarium Bhd (CCCB).
In a filing with Bursa Malaysia, Taghill said Siab had on Jan 28 signed and accepted the mutual determination agreement with CCCB.
The agreement covers the construction of a 15-storey columbarium with a 4-storey car park in Sungai Besi, Kuala Lumpur. The letter of award will cease to be effective from Feb 13, 2025.
“The balance contract value of the letter of award for columbarium project is RM25.01mil (of total RM38.88mil) and as of Jan 28, the percentage of completion is 36.00%,” Taghill said.
Siab will prepare the final account for the columbarium project, detailing the value of work completed, within the next six months.
Following the termination, Taghill's order book is valued at RM1.541 billion.
Taghill said the columbarium project commenced in April 2021 and has experienced prolonged delays due to the Covid-19 pandemic and movement control orders that disrupted the operations.
“While the original completion date in July 2023 was extended to Aug 11, 2024, escalating material costs and the inability to reach an agreement with CCCB on a revised cost plan and work programme rendered the continuation of the project unfeasible,” it said.
