Yong Tai: Another month to fulfil terms for Malacca seafront project

PETALING JAYA: Yong Tai Bhd’s subsidiary YTB Impression Sdn Bhd and Admiral City Sdn Bhd have until Aug 26, 2017 to fulfil the conditions precedent for the agreements related to its seafront project in Malacca.
In a filing with Bursa Malaysia yesterday, the group said the two parties have executed two side letters to extend the period to fulfill the conditions precedent of the sale and purchase agreement (SPA) and joint development arrangement (JDA) for one month.
The SPA is for the acquisition of 17 acres of seafront land in Malacca while the JDA is to jointly develop 100 acres of leasehold land located adjacent to the seafront land.
Yong Tai plans to develop a master development over eight years comprising residential, retail, hotels, serviced apartments, office towers, commercial shops and offices on the 117 acre land with an estimated gross development value of RM6.3 billion.
Earlier this month, the group had also extended the period to meet the conditions precedent in the proposed acquisition of Apple 99 Development Bhd and the proposed subscription of a 70% stake in Iconic Paragon Sdn Bhd for three months till Oct 6, 2017.
Recall that Yong Tai has denied having links to SV International (SVI), stressing that SVI is not a major shareholder and has no shares in the Impression City and Impression Melaka projects that Yong Tai is developing.
Yong Tai’s shares closed unchanged at RM1.42 yesterday with a total of 2,000 shares traded, giving it a market capitalisation of RM618.67 million.