KUALA LUMPUR: Malaysian builder Bina Puri Holdings said its $282.72 million highway construction deal with the Pakistan highway authority has been scrapped.
The initial deal signed earlier this year involved expanding a four-lane 136 kilometre motorway between Hyderabad and Karachi to six lanes.
Bin Puri said late on Tuesday the agreement was terminated on Dec 10 as the National Highway Authority of Pakistan “did not fulfill certain condition precedents.”
The company did not give further details but said it has hired consiltants to pursue claims against the Pakistani authority.
Shares in Bina Puri were up 0.6 per cent on Wednesday, outperforming the broader market's 0.4 per cent gain.