Parlo calls off venture to source foreign workers from Myanmar

TheEdge Fri, Sep 09, 2022 08:03pm - 1 year View Original

KUALA LUMPUR (Sept 9): Travel and tour services provider Parlo Bhd has called off its collaboration with a Myanmar employment agency to source workers for Malaysia and Japan.

Parlo said it has entered into a mutual termination and settlement agreement with Diamond Palace Group of Companies Ltd and Agensi Pekerjaan Seaview Hectare Sdn Bhd, which is a subsidiary of Diamond Palace.

The termination came after the long-deferred commencement of employment agency related services as Myanmar's borders remained closed due to Covid-19, Parlo said in a Bursa Malaysia filing.

“Furthermore, the political landscape scenario in Myanmar remained uncertain due to the military coup which took place in February 2021, resulting [in] the chartering flights for Myanmar migrant workers from Myanmar to Malaysia and Japan [having] not taken place,” it said.

“The company has been working and negotiating with Diamond Palace to obtain a refund of the deposit since July 2021,” it added.

Parlo said all three parties have agreed for Diamond Palace to refund a total of RM10.75 million deposit within seven months as part of the termination arrangement.

Parlo is 20.4% indirectly owned by LKL International Bhd, which in turn is 16.9%-owned by Focus Dynamics Group Bhd.

Focus Dynamics Group is 30.6%-owned by Fintec Global Bhd.

Shares of Parlo closed unchanged at eight sen on Friday (Sept 9), giving the group a market capitalisation of RM37.54 million.

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