Toyo Ventures has informed that Song Hau 2 Power Company Limited, a wholly-owned subsidiary of Toyo Ink Group Berhad, today received a letter dated 1 July 2024 from the Vietnam Ministry notifying that the 90-day period since the issuance of the "Notice of Intention to Terminate" by Vietnam's Ministry of Industy and Trade (MOIT) has expired.
It also noted that since SH2P has still not remedied the financial arrangement for the project, thefore under the BOT Contract, MOIT notified SH2P of the effective termination of the Build-Operate-Transfer contract for the Project
With the issuance of said Notice, the BOT Contract for the Project stands terminated.
At this time, the company said it is evaluating the implications of the notice and will be seeking legal advice to explore appropriate actions and remedies as per the terms of the BOT Contract.
