KUALA LUMPUR (Sept 21): Damansara Realty Bhd has aborted its plan to form a joint venture (JV) company to take part in future business operations involving the handling and logistics of oil and gas (O&G) downstream products in Pengerang Integrated Petroleum Complex (PIPC). "We have today received the notice from Sumitomo Warehouse that they mutually agreed to discontinue with the MoU as there was no significant progress since it was signed," the filing read. Recall that Damansara Realty said it aimed to take part in the handling and logistics for O&G downstream products in PIPC by setting up a JV with Sumitomo Warehouse. Damansara Realty said the business nature of the JV company shall include, but not be limited to, designing, building and operating the O&G related hubs, warehouse and structure. Shares of Damansara Realty gained 1.5 sen or 2.21% today to close at 69.5 sen, for a market value of RM215.01 million.

Source: The Edge Markets September 21, 2016 11:15 UTC