JAG Berhad ends agreement to explore bauxite mining opportunities
JAG Berhad’s memorandum of understanding (MoU) with Empire Mining Sdn Bhd to jointly explore bauxite mining opportunities in Pulau Langkawi has been reportedly terminated.
The group said in a filing today, "The MoU was terminated in view that the parties could not mutually agree on the terms of the transaction."
JAG Berhad is an investment holding company, engages in the extraction, production, and refining of ferrous, non-ferrous, and precious metals through the recovery and reclamation of industrial and electronic waste in Malaysia, China, Japan, and internationally. In March, it had inked the MoU with Empire Mining Sdn Bhd with an intention to extract, process, and produce bauxite on the island.
Both the companies had agreed to negotiate exclusively with each other for three months upon signing of the MoU, and a further three months or more if mutually agreed in writing.
Shares in ACE Market-listed JAG closed unchanged at 4.5 sen today, for a market capitalisation of RM68.16 million.
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