PETALING JAYA: Ewein Zenith II Sdn Bhd (EZII), a wholly owned subsidiary of Ewein Bhd, has issued a notice of termination to Consortium Zenith Construction Sdn Bhd, informing the latter that it no longer intends to proceed with the proposed joint-venture agreement both parties entered into in December 2019.
“Ewein has yet to be able to obtain approval by its shareholders for the approval and authorisation to enter into the agreement and for the performance, execution and delivery of EZII’s covenants and obligations as contained in the agreement, in an extraordinary general meeting which should have been convened within three months from the date of the agreement with an extension of one month which was due on March 31,” it said in a Bursa Malaysia filing,.
The group added that pursuant to the termination, Consortium Zenith will refund EZII all monies which it has paid in accordance with the agreement within 60 business days.
In December last year, both parties proposed the joint venture to develop freehold land in Penang as a RM159.75 million development.
It was to be the second joint development project undertaken by Ewein and Consortium Zenith, both of which were involved in the City of Dreams (pix) seafront property project in Bandar Tanjong Pinang.