KUALA LUMPUR: Technology company, Techna-X Bhd's share price was unchanged at midday, after it announced the termination of plans to develop an 85-acre microalgae farm and produce algae biofuel for renewable energy technology projects.
It was trading at 13 sen a share.
In its filing with Bursa Malaysia yesterday, Techna said its wholly owned subsidiary, Techna-X Aerobeidou Sdn Bhd has mutually terminated its tripartite agreement with MYKO Global Sdn Bhd and RTA E&C Sdn Bhd.
"The termination agreement will not have any significant impact on the earnings, gearing and substantial shareholders' shareholding," it said.
In June this year, Techna-X AeroBeidou entered into a tripartite agreement with MYKO Global and RTA E&C to establish an 85-acre microalgae farm and manufacture algae biofuel.
The facility will produce at least 36,000 metric tonnes of crude algae oil for biofuel per year and is projected to generate a net annual revenue of roughly US$40 million, the company said.
The project was anticipated to produce for at least 30 years.Ends