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KUALA LUMPUR (Aug 2): Tiger Synergy Bhd says it has aborted plans to develop land in Rantau, Negeri Sembilan, into a residential project as consensus on the terms and conditions of a proposed joint venture (JV) could not be reached.
On Jan 31, Tiger's wholly-owned subsidiary Alam Kemuning Development Sdn Bhd had entered into a memorandum of understanding (MoU) with land owners Joanna Yong Hui Fun and Datin Sek Chian Nee to jointly develop the residential project.
Yong is the sister-in-law of Tiger executive chairman Datuk Tan Wei Lian, while Sek, who is Tan's spouse, is the executive director of Tiger and also a director of Alam Kemuning.
"The board of directors announce that the MoU was aborted/lapsed as consensus on the terms and conditions of the proposed joint venture could not be reached within six months from the date of the MoU," it added.
The proposed JV was expected to contribute positively to the future profitability and the cash flow of Tiger, as well as the stability of its future income stream.
Tiger shares closed unchanged at 5.5 sen today, with 1.3 million shares done, bringing a market capitalisation of RM69.81 million.
