Retail concern Suiwah Corp Bhd has terminated its agreement with Valdel Oil and Gas Private Ltd and Valdel Investments Private Ltd to form a consortium for the purpose of undertaking oil and gas exploration and production projects in India.
Suiwah had proposed to hold a 15% stake in the venture, which was subject to the successful bidding by the consortium. “Based on the notification from Valdel Oil on Jan 2, the intended bidding for exploring was not successful.
It incurred a total expense of RM23,949.15 as a result of the bidding. Better known for its retail business, most notably its Sunshine hypermarkets, the consortium was to mark the group’s maiden foray into oil and gas.
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