Opcom has announced that its earlier collaborative agreement with Global Forwaty on the potential of securing contracts related to 5G has now been mutually terminated.
The fibre cable company has back in October 2021 entered into an agreement with Global Forway in anticipation of a massive rollout of 5G in the country and could possibly land lucrative contracts in relation to the rollout. However, since there was a delay and a change of Minister the 5G rollout was further delayed.
According to Opcom, the Parties had mutually agreed to terminate the Agreement with effect from today, 30 June 2023 due to being unsuccessful in securing the intended contracts. It is also interesting to note that among the directors of Opcom were former Prime Minister Tun Mahathir’s son and his wife who later resigned in February 2021.
The termination of the Agreement does not contravene any of the provisions of the Agreement and the Board is of the view that, the termination of the Agreement will not have any material financial impact to the Company and its subsidiaries.
