Brem Holding (rpt Holding) Bhd announced today PNG Water Ltd, the company's 51 per cent-owned subsidiary, has received a termination notice from Eda Ranu.
The notice was for the termination of the concession agreement, consultancy agreement and all other related agreements, contract amendments and engagements between Eda Ranu and PNG Water with immediate effect.
To recap, PNG Water signed a concession agreement with NCD Water & Sewerage Pty Ltd on June 23, 1997 for a water concession business in Port Moresby, Papua New Guinea, for a 22-year concession period.
Pursuant to the terms of the agreement, the concession period will expire on June 22, 2019.
Eda Ranu is the trading name for NCD Water, a state-owned entity owned by the Papua New Guinea government.
Brem Holding said the termination was initiated unilaterally by Eda Ranu.
"The board is of the opinion that such unilateral early termination is unfair and may not be justified, and they shall engage lawyers for advice on the matter," it said in a filing to Bursa Malaysia today.
On the consequence to the termination, Brem said water concession business shall cease to be the group's one of the principal activities.
"The overall financial effects of the termination cannot be ascertained at this point in time as Eda Ranu has not provided to PNG Water any indication or proposal on compensation for early termination," it said.
The board will make further announcement when there is any new material development on the matter, the company added.
Bernama
Thu Mar 21 2013
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