PETALING JAYA: AIZO Group Bhd has announced that its wholly-owned subsidiary, AIZO Engineering Sdn Bhd, has received a termination notice from Puncak Utara Sdn Bhd over sub-contract works worth RM36.79mil for a sewage system upgrading project in Terengganu.
In a Bursa Malaysia filing, AIZO said the termination notice was received on Oct 21, following the termination of the main contract by the project owner, Lembaga Kemajuan Terengganu Tengah, to Puncak Utara.
“The termination is not expected to have any material adverse impact on the share capital and shareholding structure of the company.
“The extent of the impact on the consolidated net assets per share and earnings per share of the group for the financial year ending June 30, 2027 will depend on the outcome of the discussions with Puncak Utara and the final reconciliation of work done and potential claims.”
The project involved upgrading the sewage system and related works in Ketengah Jaya township, Bukit Besi and Seri Bandi, Terengganu, under Phase III of the project.
