ML Global shares down after RM76.44m contract terminated

PETALING JAYA: ML Global Bhd's share price fell 1.72% this morning, after the group and Pelangi Kolonel Sdn Bhd (PKSB) agreed to terminate a contract worth RM76.44 million.
The contract is in relation to the proposed development project in Cameron Highlands comprising service apartments, hotel and office.
As at 11.02am, the stock stood at RM1.71 with 134,700 shares changing hands. It has a market capitalisation of RM678.95 million.
ML Global said the contract termination comes after PKSB stopped work on the project in February 2017 and has now decided to delay the development of the project with no specific date for commencement work.