Friday, September 17, 2010

Naim Holdings MoU for Gaddafi Tower construction lapses

KUALA LUMPUR: NAIM HOLDINGS BHD []'s plans to set up a joint venture to design and build a 50-storey tower known the Gaddafi Tower in Tripoli, Libya has come to a halt after the memorandum of understanding (MoU) lapsed.

Its unit NCSB Engineering Sdn Bhd and Al-Waatasemu Charity Foundation (WCF) had signed the MoU on July 16 this year.

CONSTRUCTION [] of Gaddafi Tower was to have been on a 11,200 sq metre site in the Tripoli City Centre, Libya, which is owned by WCF.

Under the terms of the MoU, it would lapse upon the execution of a formal contract of joint venture for the project proposed to be signed on or before Sept 1, 2010.

'After detailed investigations and feasibility studies and further negotiations with WCF, the company now wishes to inform that the MoU which expired on Sept 1, 2010 has not been extended and both parties have mutually agreed to treat the MoU as terminated,' Naim said on Friday, Sept 17.

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