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Tambun Indah calls off RM150 million land purchases
by Cals Wed 12 Nov 2014, 03:03
Tambun Indah calls off RM150 million land purchases
By Chester Tay / TheEdge Markets.com | November 11, 2014 : 6:33 PM MYT
KUALA LUMPUR (Nov 11): Tambun Indah Land Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) today terminated the conditional sale and purchase agreement (SPA) that proposed to acquire 27 parcels of freehold lands from TPPT Sdn Bhd, which spans almost 210 acres, for a purchase consideration of RM150 million.
The SPA was entered into between Tambun Indah’s wholly-owned subsidiary Palmington Sdn Bhd, and TPPT on Jul 11, 2014.
According to Tambun Indah’s filing to Bursa Malaysia today, upon the termination of SPA, a refund of deposit that amount to RM15 million shall be expected from TPPT no later than 21 working days.
Nonetheless, Tambun Indah also mentioned that it will continue to seek opportunities to build up its landbank further.
The property stock shed eight sen or 3.54% to RM2.18 today with 614,600 shares traded.
By Chester Tay / TheEdge Markets.com | November 11, 2014 : 6:33 PM MYT
KUALA LUMPUR (Nov 11): Tambun Indah Land Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) today terminated the conditional sale and purchase agreement (SPA) that proposed to acquire 27 parcels of freehold lands from TPPT Sdn Bhd, which spans almost 210 acres, for a purchase consideration of RM150 million.
The SPA was entered into between Tambun Indah’s wholly-owned subsidiary Palmington Sdn Bhd, and TPPT on Jul 11, 2014.
According to Tambun Indah’s filing to Bursa Malaysia today, upon the termination of SPA, a refund of deposit that amount to RM15 million shall be expected from TPPT no later than 21 working days.
Nonetheless, Tambun Indah also mentioned that it will continue to seek opportunities to build up its landbank further.
The property stock shed eight sen or 3.54% to RM2.18 today with 614,600 shares traded.
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