Malton: Deal to sell Shah Alam land lapses
16 Mar 2015 / 05:36 H.
PETALING JAYA: Malton Bhd's Rentak Sejati Sdn Bhd has terminated a RM83.67 million deal to dispose of its land in Shah Alam, Selangor.
The property developer told Bursa Malaysia that Hedgeford Ventures Sdn Bhd said in a letter that it intended to terminate the agreement as Hedgeford Ventures was not agreeable to Rentak Sejati's request for a further extension of time to fully comply with the conditions, including the requirement to obtain consent from the relevant authority for the transfer of the land.
The sale and purchase agreement is deemed to have lapsed, Malton said. Its share price fell 2.5 sen or 2.91% to 83.5 sen last Friday.