Y&G Corp Bhd has terminated the acquisition of two pieces of land measuring 23.39ha in Pontian, Johor for RM30.96 million.
The developer said in a filing with the stock exchange that its wholly owned indirect subsidiary Melia Aktif Sdn Bhd (MASB) decided not to proceed further with the sale and purchase agreement dated Aug 26, 2015 as the conditions precedent as stated in clause 5.1 had not been fully complied with.
“Hence, MASB via its solicitors had, on June 14, 2018, served the vendors’ solicitors a notice of its decision to exercise its right to discontinue with the purchase hereof and in terminating the said SPA summarily in pursuant to clause 5.2 of the SPA.”
With the termination notice, Y&G said the vendors will refund to MASB the deposit of RM3.1 million free from interest within 14 days from the notice.
Y&G had reportedly planned to embark on a mixed development project comprising commercial and residential on the land.
Meanwhile, Construction group Tiong Seng Holdings subsidiary Robin Village Development, has agreed to fully acquire Malaysia-incorporated firm Kinsbina – which in turn owns two vacant plots of land in Mukim Rimba Terjun, Daerah Pontian, Negeri Johor – for RM29.9 million.
This comes as part of the group’s plans to expand its production capacity and capabilities in pre-cast manufacturing and prefabrication.