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KUALA LUMPUR (July 12): Minetech Resources Bhd said the RM30.4 million subcontract it secured from Mutual Premium Sdn Bhd (MPSB) to build a secondary school in Perak has been mutually terminated.
In a bourse filing, Minetech said it was informed by MPSB that the project was no longer achievable due to the prevailing unfavourable economic and market conditions.
The group was awarded the subcontract to build the 36-classroom SMK Pelangi Perdana in Parit Buntar on May 15, 2020.
Minetech said it was informed by MPSB that the project has been seriously affected by the Covid-19 pandemic and the movement control order imposed since early 2020.
“MPSB further informed that no further instructions has been received to commence works and hence, it is no longer viable for the project to be pursued and is no longer achievable due to the prevailing unfavourable economic and market conditions,” it said.
The group said it incurred no costs or expenses, and no work has been undertaken so far.
Shares in Minetech ended unchanged at 5.5 sen, giving the group a market capitalisation of RM59.92 million.
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