Aeon’s purchase of land in Johor aborted

PETALING JAYA: Aeon Co (M) Bhd has terminated an RM34.85 million acquisition of a piece of land measuring 20 acres in Batu Pahat, Johor, earmarked for the construction of a shopping centre.
The group told Bursa Malaysia in a filing yesterday that this was due to the non-fulfilment of the condition precedents within the conditional period and both parties not reaching an agreement to further extend the conditional period.
“The company will seek the refund of the earnest deposit, balance deposit, first and second payment totaling RM13.94 million from the vendor pursuant to the terms and conditions of the sale and purchase agreement,” it said.
Aeon added that the termination is not expected to have any material financial impact on the group.