Stone Master explores collaboration with construction firm

PETALING JAYA: Stone Master Corp Bhd (SMCB) is exploring a collaboration with Sing Fong Niap Engineering Sdn Bhd (SFNE), as part of plans to regularise its financial condition and revive its and/or business operations.

The two parties entered into a memorandum of understanding (MoU) yesterday, under which both companies are considering to collaborate and potentially, to inject where necessary building related materials supply, construction related contracts/works and/or projects into the venture.

The collaboration is subject to further financial and legal due diligence to be carried out by both parties and terms and conditions to be mutually agreed upon. SFNE is in the principal business of engaging in all kinds and types of construction works.

According to a Bursa filing, SCMB and SFNE believe that the synergy would be commercially beneficial to both parties. The MoU is intended to set out the principal terms by which the companies will combine forces to carry on their businesses.

The two parties have a period of two months to negotiate the terms and conditions of the definitive agreement.

Source: The Sun Daily

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