Eversendai (KLSE:SENDAI) received a termination notice from Saudi Arabia's NEOM for its Trojena Ski Village structural steel contract, effective March 26, according to a Tuesday Malaysian bourse filing.
Shares fell about 23% in Wednesday's midday trade.
The company said all work under the contract was completed in line with safety and quality standards, and attributes the termination to the current geopolitical situation in the Middle East.
Eversendai is preparing documentation to support claims for progress payments, demobilization costs, and other compensation due under the contract, the company said.
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