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Malton defers receipt of RM32m

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Malton defers receipt of RM32m Empty Malton defers receipt of RM32m

Post by Cals Thu 10 Jul 2014, 02:25

Malton defers receipt of RM32m
Business & Markets 2014
Written by Supriya Surendran of theedgemalaysia.com   
Wednesday, 09 July 2014 09:48

KUALA LUMPUR: Malton Bhd, through its wholly-owned unit Layar Raya Sdn Bhd, has extended the period of payment for the balance consideration of RM32.09 million on its land disposals to Fame Action Sdn Bhd, a wholly-owned subsidiary of Global Oriental Bhd.

In a filing with Bursa Malaysia yesterday, Malton said Layar Raya and Fame Action had mutually agreed to extend the payment period to Sept 9, subject to an interest rate of 8% per annum, to be calculated on a daily basis.

The 8% interest on the unpaid balance was stipulated in the salient terms of the sale and purchase agreement (SPA) between Layar Raya and Fame Action, which was filed with the exchange on Dec 9, 2013.

Layar Raya had on Dec 9, 2013 entered into a conditional SPA with Fame Action for the disposal of two pieces of freehold land measuring 10.3542ha, located within the Mukim of Cheras in Ulu Langat, for RM35.66 million.


This article first appeared in The Edge Financial Daily, on July 9, 2014.
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