NWP’s new joint entity NOOA Marine to take over sand dredging business

NWP Holdings Bhd has just announced that its newly formed joint entity, NOOA Marine Sdn Bhd, will undertake contracting work to dredge, transport and load marine sand from a concession area in Melaka onto vessels for export purposes.

NOOA, the joint venture between NWP’s unit NWP Marine Sdn Bhd and OneOne Auro Marine Sdn Bhd (OOA Marine), will also dredge and transport marine sand from the concession area to local reclamation sites for reclamation purposes, the timber product manufacturer said in a filing with Bursa Malaysia.

NWP said that OOA Marine has signed a novation agreement to novate all its rights, liabilities, interests and obligations under the sand dredging contract to NOOA Marine in order to facilitate the sand mining business.

Also, the group said that the novation agreement is supplemental to the letter of award issued by OneOne Auro Sdn Bhd to OOA Marine in June with respect to a project to extract marine sand from the concession area in Melaka.