PETALING JAYA: Practice Note 17 (PN 17) company Stone Master Corp Bhd’s plans to collaborate with Cosmic Master Holdings Sdn Bhd has been called off.
In a filing with Bursa Malaysia, Stone Master said the business collaboration agreement between the two parties have been mutually terminated with immediate effect but did not provide a reason for the termination.
It said the agreement termination does not have material financial effect on the company.
To recap, the two parties signed a business collaboration agreement in November last year, whereby Stone Master was to supply building materials to Cosmic Master for its development projects.
Stone Master is in the business of supplying, laying and installing all types of granite and marble products, ceramic tiles as well as stone and ceramic product related works.
Meanwhile, Cosmic Master is involved in construction works and related activities.
Stone Master had said that the agreement indicates the initiation of the revitalisation of its business and synergistic scheme of recovery, and that the granting of the development projects by Cosmic Master would be an endorsement of the group’s capability to improve and expand its current revenue base.
Stone Master had also indicated that it would be able to address its going concern issue and continue with its existing business following the signing of the agreement.
Last month, it requested a further extension of time of up to July 31 to submit its proposed regularisation plan to Bursa Securities.
Its share price rose 15% to close at 11.5 sen today with 11,000 shares traded.
Source: The Sun Daily