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PETALING JAYA (June 4): LBS Bina Group Bhd will not be holding back on its development project to transform the Zhuhai International Circuit in China although the joint development deal with NWP Holdings Bhd has lapsed.
The company’s group managing director Tan Sri Lim Hock San told EdgeProp.my that both LBS Bina and NWP Holdings are unable to come to an agreement with regard to certain terms in the Definitive Agreement.
“We still have our own alternative plan with regard to the development of this project,” Lim said when asked if LBS Bina will be looking for a new partner.
He also gave assurance that the project will not be put on hold because of the termination of the partnership with NWP Holdings.
“The incident will not bring any impact to the project. We are now finalising the [project] planning,” he noted.
On May 30, both companies had agreed to revoke the heads of agreement to jointly develop 264 acres of land in Gaoxin district, Zhuhai in Guangdong, China, which was signed on March 5. They had recently announced the mutual termination of the agreement to jointly develop the project, in which LBS Bina has a 60% stake.
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