Mimaland ends JV with Magna

PETALING JAYA: MPHB Capital Bhd's 98.2%-owned unit, Mimaland Bhd, has terminated its joint venture agreement (JVA) with Bandar Raya Developments Bhd (BRDB) unit, Magna Senandung Sdn Bhd.
In a stock exchange filing yesterday, MPHB said that Mimaland had entered into a deed of termination with Magna Senandung to mutually terminate the JVA.
Both companies had on April 29, 2011 entered into the JVA for the proposed development of the land owned by Mimaland in the Gombak district.

"Upon the termination of the JVA, neither party shall have any claims whatsoever against the other in respect of the JVA, and the termination of the JVA will not have any material effect on the earnings, net assets and gearing of the company and the group for the financial year ending Dec 31, 2015," said MPHB.