KUALA LUMPUR: The Naza Group's TTDI KL Metropolis Sdn Bhd (TKLM) has terminated the shareholders' agreement with KUMPULAN JETSON BHD [] to build a new trade exhibition centre for the Malaysia External Trade Development Corporation (Matrade) on a joint-venture basis.
Jetson said on Friday, Sept 3 the termination arose from disagreements on certain commercial terms relating to the project costs for the Matrade centre in Jalan Dutamas which was expected to cost RM628 million.
It said TKLM and the company had on Aug 30 disputed certain commercial terms. TKLM then proposed they call off the joint venture, without recourse to either party.
The project was to be undertaken through TTDI Jetson Sdn Bhd ' a joint venture between TTDI KL Metropolis and Jetson.
'On Sept 3, 2010 citing the non-receipt of an unequivocal response from the company in relation to such commercial terms, TKLM issued the notice of termination,' Jetson said in the statement to Bursa Malaysia on Friday.
Naza TTDI is part of the Naza group now helmed by sons of the late Tan Sri SM Nasimuddin SM Amin ' Sheikh Mohd Nasarudin and his brother Sheikh Mohamad Faliq Sheikh Mohamad Nasimuddin Kamal.
The Naza brothers took over Jetson in August last year.
To recap, in March 2007, Naza TTDI had proposed to the government to build a new trade exhibition centre for Matrade.
The original plan was that in exchange for a new Matrade Centre, the JV would develop a 62.5-acre piece of leasehold land.'' TTDI Jetson would then award Jetson the contract to build the Matrade Centre.
The plan was to build residences, offices, a shopping mall and a hotel over the next 10 years. Its gross development value is estimated to be RM15 billion.
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Jetson said on Friday, Sept 3 the termination arose from disagreements on certain commercial terms relating to the project costs for the Matrade centre in Jalan Dutamas which was expected to cost RM628 million.
It said TKLM and the company had on Aug 30 disputed certain commercial terms. TKLM then proposed they call off the joint venture, without recourse to either party.
The project was to be undertaken through TTDI Jetson Sdn Bhd ' a joint venture between TTDI KL Metropolis and Jetson.
'On Sept 3, 2010 citing the non-receipt of an unequivocal response from the company in relation to such commercial terms, TKLM issued the notice of termination,' Jetson said in the statement to Bursa Malaysia on Friday.
Naza TTDI is part of the Naza group now helmed by sons of the late Tan Sri SM Nasimuddin SM Amin ' Sheikh Mohd Nasarudin and his brother Sheikh Mohamad Faliq Sheikh Mohamad Nasimuddin Kamal.
The Naza brothers took over Jetson in August last year.
To recap, in March 2007, Naza TTDI had proposed to the government to build a new trade exhibition centre for Matrade.
The original plan was that in exchange for a new Matrade Centre, the JV would develop a 62.5-acre piece of leasehold land.'' TTDI Jetson would then award Jetson the contract to build the Matrade Centre.
The plan was to build residences, offices, a shopping mall and a hotel over the next 10 years. Its gross development value is estimated to be RM15 billion.
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