PETALING JAYA: Eversendai Corp Bhd
has announced that the structural steel scope contract for the Neom Trojena Ski Village in Saudi Arabia, has been terminated.
In a filing with Bursa Malaysia, Eversendai said the termination was due to the current geopolitical situation in the Middle East.
“We wish to notify that we have received a notice of termination which shall take effect from March 26, 2026.
“Until the date of the notice, Eversendai had fully committed and delivered the project as per the contractual obligations with no compromise to safety and quality and we believe this has happened due to the current geopolitical situation in the Middle East.”
Eversendai said it is currently preparing all necessary documents to substantiate the overall progress on the project carried out in accordance with the contract, up to the effective date of termination, including the commercial claims for the termination and all related demobilization costs which should be compensated by the client.
“We strongly believe that our fully substantiated claims shall be fairly compensated by the client.
Eversendai said its current order book stands at RM2.02bil, excluding the balance works for the Trojena Ski Village Contract, adding that its tender book stands at RM18.4bil.
“The group is close to concluding new projects which will add to the current existing order book.
“Operations in the Middle East remain stable despite the current geopolitical situation. We remain highly optimistic in securing more projects across the group to further improve our financial performance going forward.”
Eversendai announced in July 2024 that it was partnering Emirates Steel, a unit of Abu Dhabi’s Emirates Steel Arkan Group, to construct the Neom Trojena Ski Village.
