Vizione Builder had, on Oct 8, served a default notice to Inspirasi Langkawi on Oct 8 over the partial or non-payment of its works, and warned that it would suspend work or quit the job if the outstanding sum was not settled.
KUALA LUMPUR (NOV 22): Vizione Holdings Bhd (KL:VIZIONE) said its unit has served a notice to Inspirasi Langkawi Sdn Bhd to terminate its employment as main contractor for the development of a 14-storey hotel in Langkawi, claiming it had not been properly paid for its works so far.
The termination of its wholly owned subsidiary Vizione Builder Sdn Bhd is with immediate effect, it said in a bourse filing. Vizione Builder had, on Oct 8, served a default notice to Inspirasi Langkawi on Oct 8 over the partial or non-payment of its works, and warned that it would suspend work or quit the job if the outstanding sum was not settled.
As of Oct 29, 2024, the outstanding sum remained unsettled, Vizione alleged.
Vizione Builder was appointed for the job in August 2021 for RM116.05 million. The contract was to commence on Sept 1, 2021 and be completed by Aug 31, 2023.
It was reported in February 2020 that Inspirasi Langkawi had signed a 15-year management agreement with Hilton to build a 250-room hotel called The Nautilus Resort, Curio Collection by Hilton, in Langkawi. It was supposed to be Hilton’s first portfolio in Malaysia under the Curio Collection — an upscale hotel brand under the Hilton brand — and its first property in Langkawi. The Nautilus Resort was targeted to launch in 2023.
Vizione shares closed unchanged at 12 sen apiece on Friday, valuing the group at RM45.13 million. Year to date, the counter had dropped 24 sen or over 67%.
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Source: EdgeProp.my
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