Brief: Magnus Energy Group updates on termination of dam project in West Java

Magnus Energy

21/09/2016 15:17

Sept 21 (Reuters) - Magnus Energy Group Ltd  MAGN.SI : 
    * Unit MEG Global Resources Limited and PT Hanjungin have  
agreed to terminate participation agreement 
    * "dam project has been delayed, inter alia, mainly due to 
land acquisition issues" 
    * Contractor has agreed to indemnify group of any losses, 
despite early termination as requested by MGR 
    * Accordingly, contractor shall return S$4 million that has 
been invested by group 
    * Contractor has invested approximately S$1 million in heavy 
equipment and working capital 
    * Early termination of PA - dam project is not expected to 
have any material effect on  eps of group for fy ending 30 june 
2017 
 
Source text for Eikon:  ID:nSNZ9Bkkmr  
Further company coverage:  MAGN.SI  
 
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