KUALA LUMPUR: KTI Landmark Bhd has clarified that reports claiming it secured a RM70mil contract for the redevelopment of Wisma Budaya in Kota Kinabalu are inaccurate, stating that it has only received a non-binding Letter of Intent (LOI) from the Sabah Ministry of Tourism, Culture and Environment.
“At this stage, no contract has been awarded to KTI Landmark,” the property developer said in a statement.
As disclosed to Bursa Malaysia on Oct 14, KTI Landmark has only received a LOI from the Ministry of Tourism, Culture and Environment Sabah and relevant statutory bodies.
“The LOI is not a binding award of contract, but merely a basis for further discussion and negotiation, subject to approvals and the signing of a definitive agreement,” it said.
