PETALING JAYA: JAG Bhd and Empire Mining Sdn Bhd have mutually agreed to terminate a memorandum of under-standing (MoU) to jointly explore bauxite mining opportunities in Langkawi, Kedah.
In a filing with Bursa Malaysia, JAG said the termination of the MoU is effective immediately and will not have any material financial impact on JAG and its subsidiaries.
The two parties had signed the MoU in March this year, with a possible joint venture between JAG or its nominated subsidiary and Empire Mining to extract, process and produce bauxite in Langkawi.
JAG’s businesses include manufacturing, trading, services, proprietary solutions, and software maintenance, investment and property development.
JAG’s share price fell 11.11% to close at 4 sen today with 659,500 shares traded.
