NICORP's LPG venture is GONE !

NICORP plan to diversify the company into the liquefied petroleum gas (LPG) business has hit snag.

In an announcement to Bursa Malaysia yesterday, Nicorp said Aspire Rich Sdn Bhd had received a letter from Oman-based Natural Gas Co (NGC) stating that the agreement between the two parties to acquire the LPG assets from Shell Trading Sdn Bhd had been terminated.

The announcement to Bursa are as followed:-

"NICORP wishes to announce that the Company had on 13 June 2012 received a letter dated 12 June 2012 from Aspire Rich informing that Aspire Rich had received a letter from Oman-based Natural Gas Co (S.A.O.G.) (“NGC”) stating, amongst others, that the agreement entered into between NGC and Aspire Rich to jointly acquire the said LPG Assets via a special purpose vehicle namely NGC Energy Sdn. Bhd. has been terminated with immediate effect.

NICORP was also informed that Aspire Rich is disputing the termination of the aforesaid agreement and is seeking legal advice on the matter.

In this respect, NICORP will also be seeking legal advice in relation to the Letter of Invitation from Aspire Rich to NICORP dated 12 March 2012."

Look like NICORP is staying as a Timber company afterall.