KUALA LUMPUR (Jan 19): Jade Marvel Group Bhd said the group and JSC Land Sdn Bhd have mutually agreed to terminate their joint venture agreement (JVA) to develop a project in mainland Penang.

Jade Marvel, through its unit Great Marvel Sdn Bhd (GMSB), will instead complete the development on its own, the group said in a bourse filing today.

"The termination of JVA is due to JSC being unable to obtain approval from the relevant authorities for the change of developer's name from GMSB to JSC.

"The parties have agreed to mutually terminate the JVA without any penalty. Arising from the termination, GMSB will undertake the role as developer to carry out and complete the development project," it said.

Jade Marvel on Sept 21 last year announced its JVA with JSC to develop a housing project with a gross development value of RM25 million on a 3.23-acre freehold land owned by the former in Simpang Ampat, Seberang Perai Selatan.

Jade Marvel said the construction work is expected to commence by the end of 2021.

Shares of Jade Marvel closed unchanged at 99 sen, for a market capitalisation of RM125.52 million.