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MULTIPLE PROPOSALS NWP HOLDINGS BERHAD ("NWP" OR THE "COMPANY") I. JOINT VENTURE; AND II. PROPOSED DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

NWP HOLDINGS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
NWP HOLDINGS BERHAD ("NWP" OR THE "COMPANY")

I.	JOINT VENTURE; AND
II.	PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcements in relation to the Proposals.

We refer to the earlier announcements dated 26 July 2022 ("Initial Announcement") and 10 November 2022 in relation to the Proposals.

On behalf of the Board of Directors of NWP ("Board"), UOBKH wishes to highlight that the Novation Agreement is not subject to the approvals of any relevant authority. Pursuant to the Novation Agreement, OOA Marine has been released and discharged from the Sand Dredging Contract as from 10 November 2022 ("Effective Date"), in which OOA Marine has novated and transferred all its rights and obligations in and under the Sand Dredging Contract to NOOA with effect from the Effective Date.

For the avoidance of doubt, the Novation Agreement which was entered into between NOOA with OOA and OOA Marine, does not have any effect to the concession and mining license granted by the Ministry of Energy and Natural Resources to Bahtera Teroka Sdn Bhd ("Concession Owner") as well as the exclusive dealer agreement between the Concession Owner and OOA as specified in the Initial Announcement.

 

This announcement is dated 11 November 2022.

 






Announcement Info

Company Name NWP HOLDINGS BERHAD
Stock Name NWP
Date Announced 11 Nov 2022
Category General Announcement for PLC
Reference Number GA1-11112022-00022