Marine & General unit's RM5.5m work order suspended by Repsol

TheEdge Thu, Jul 23, 2020 03:28pm - 3 years View Original


KUALA LUMPUR (July 23): Marine & General Bhd (M&G) said Repsol Oil & Gas Malaysia Ltd has suspended a RM5.5 million work order awarded to its unit Jasa Merin (Malaysia) Sdn Bhd.

M&G did not state the reason for the suspension in its filing with Bursa Malaysia today.

It added that Jasa Merin received the suspension order on May 26 but only received approval from Repsol to announce the suspension yesterday.

"The suspension is expected to reduce the revenue of M&G for the financial period ending April 30, 2021 by RM5.5 million," the group said. "The suspension is not expected to have any effect on the share capital and shareholding structure of M&G."

The original expiry date for the work order was Oct 31, 2020, it added.

Shares in M&G were unchanged at eight sen in afternoon trading, valuing the group at RM57.91 million. Some 20,000 shares were traded.

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