Darco to exercise option to scrap Nambo deal

Singapore

THE board of Darco Water Technologies has directed its management to exercise the reversal option for the controversial Nambo project, and to take steps to recover the investment made and costs incurred over the conditional sale-and-purchase agreement that it had signed last November.

This was because the West Java government was not agreeable to re-negotiating the terms of the cooperation agreement that the acquisition target company, PT Jabar Bersih Lestar (JBL), had signed with it to provide waste-management services in Bogor City, Bogor Regency and Depok City in Indonesia.