KUALA LUMPUR: Builder Zelan Bhd's share price fell by as much as 8.9 per cent a day after it said its contract in the UAE for a RM771 million property project was terminated.
The shares, which sunk to an intra-day low of 30.5 sen, closed 2 sen or six per cent lower than the previous day to 31.5 sen.
Zelan on Thursday said the owner of its Meena Plaza mixed development project in Abu Dhabi - Meena Holdings LLC - had given it 14 days' notice of its plan to end the contract via a letter on November 21.
Zelan, which had secured the project in 2008, is taking legal action to challenge the termination.
Zelan, which has been leveraging successfully on its ability to work as a consortium partner to other international players, also has a significant presence in the infrastructure construction sector in the Gulf region.
The Meena Plaza was to be the third building construction project for Zelan in the region.
By Bernama
Saturday, November 24, 2012
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