L&M cancels US$15.2m pipeline deal

L&M cancels US$15.2m pipeline deal

SINGAPORE: Singapore construction company L&M Group Investments Ltd. has canceled a US$15.2 million deal that it agreed to in November to buy a controlling 60 percent stake in a gas pipeline project in West Java, Indonesia, the company said Tuesday.

At the same time, L&M also canceled another gas pipeline deal Tuesday, a smaller Indonesian deal agreed in August worth $923,000 also for a 60 percent stake in a different gas project.

L&M said the selling parties on both deals, PT Moeladi and PT Petroimpex Nuasa Corporindo, had not met the terms of the original agreements. --Dow Jones