KUALA LUMPUR: NWP Holdings Bhd rose almost 4% this morning after announcing its plans to abort plans the acquisition of a 30% stake in US-incorporated Aviation AI Inc (AAI). The timber products manufacturer saw its share price rose 3.77%, or one sen to 27.5 sen. NWP announced that it has terminated an agreement to buy a 30% stake in AAI. NWP said it had decided to terminate the deal which would have been undertaken by its wholly-owned subsidiary NWP Builder Sdn Bhd. Back in Oct 14, 2016, NWP proposed to buy a stake in AAI to venture into the private charter air transport services business, with the intention of increasing its income.
Source: The Star April 17, 2018 02:15 UTC