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Depa shares dive on contract termination in Doha
- United Arab Emirates: Monday, June 25 - 2012 at 15:55
The FTSE NASDAQ Dubai UAE 20 Index closed at 1546.68 Monday, off 0.27% from the previous close. Market bellwether DP World fell 1.33% to close at $10.36. Interior design company Depa Ltd. plummeted 6.34% to close at $0.399. On Sunday June 24, Depa said that its joint venture firm Lindner Depa has had its contract at the New Doha International Airport terminated by the Qatari side. The contract had a value of Dhs900m ($245m). Depa said in a statement to the NASDAQ Dubai, "This follows the announcement on June 20 that Lindner Depa's performance bond and advance payment guarantee were pulled due to Lindner Depa's refusal to accept new non-favourable contract terms and conditions. The Company is in discussions with its lawyers in order to assess the situation and consider its options."
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Gérard Al-Fil, Financial JournalistMonday, June 25 - 2012 at 15:55 UAE local time (GMT+4)
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