Boustead scraps RM172m deal to buy land from LTAT

11 Jul 2019 / 20:44 H.

PETALING JAYA: Boustead Holdings Bhd’s RM172.78 million land purchase from Lembaga Tabung Angkatan Tentera (LTAT) has been aborted.

In a filing with Bursa Malaysia, Boustead said its wholly owned subsidiary Boustead Construction Sdn Bhd and LTAT have mutually agreed to terminate the sale and purchase agreement (SPA) and LTAT has refunded the deposit paid by under the SPA.

The group said the termination will not have any material effect on the net asset, net asset per share, gearing, earnings and earnings per share of the group for the financial year ending Dec 31.

To recap, Boustead Construction had proposed to acquire two plots of land held by LTAT in Bukit Jalil for RM172.78 million cash in December 2016. The land measures a total of 10.74 acres.

Under a development order obtained in May 2016, the land was earmarked for a mixed development comprising commercial plots, car park, shop offices and other ancillary structures.

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