KUALA LUMPUR (April 16): Timber products manufacturer NWP Holdings Bhd has terminated an agreement to buy a 30% stake in US-incorporated Aviation AI Inc (AAI).
In a filling with Bursa Malaysia, NWP said it had decided to terminate the deal which would have been undertaken by its wholly-owned subsidiary NWP Builder Sdn Bhd.
Back in Oct 14, 2016, NWP proposed to buy a stake in AAI to venture into the private charter air transport services business, with the intention of increasing its income.
According to the announcement then, NWP Builder had planned to buy AAI for US$1.5 million or RM5.83 million from vendor Datuk Ismail Hassan.
AAI is involved in the provision of private charter air transport services. It owns a Gulfstream G-1159A aircraft.
Separately, NWP announced the appointment of Wong See Ming as group executive director.
The filling indicated that the 51-year-old Wong was appointed as chief executive officer of the company on Aug 18, 2008, until he was redesignated as group executive director on May 6, 2016.
However, he quit as group executive director of NWP on Sept 28, 2017 and is currently an executive director of NWP Industries Sdn Bhd.
NWP’s share price traded unchanged at 26.5 sen a piece today, giving it a market capitalisation of RM103.94 million.