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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: sources
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race