Company Briefs

Three partners cancel Cambodian JV

A JOINT venture investment involving Lian Beng Group, Heeton Holdings and KSH Holdings to redevelop a plot of land in Cambodia has been terminated. The firms said yesterday that the various parties to the joint venture agreement and the sale and purchase agreement for the land have "mutually agreed" not to carry on with the proposed transactions.

The instalments of the purchase price paid by Imperial South East Asia Investment (ISEA) for the property have been refunded. ISEA is 32.65 per cent owned by Heeton Holdings, 32.65 per cent owned by Lian Beng Group and 34.7 per cent owned by KSH Holdings. The bonds issued to ISEA shareholders under the terms of the exchangeable bond agreement will also be cancelled.