Bina Puri says axed RM846m Pakistan highway deal

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KUALA LUMPUR, Dec 19 Malaysian builder Bina Puri Holdings said its RM864 million highway construction deal with the Pakistan highway authority has been scrapped.
The initial deal signed earlier this year involved expanding a four-lane, 136km motorway between Hyderabad and Karachi to six lanes.

Bin Puri said late yesterday the agreement was terminated on December 10 as the National Highway Authority of Pakistan "did not fulfil certain condition precedents."

The company did not give further details but said it has hired consultants to pursue claims against the Pakistani authority.

Shares in Bina Puri were up 0.6 per cent today, outperforming the broader market's 0.4 percent gain.

Courtesy: The malaysian insider

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