Blog yOur Mind

“UEM” land deal with Damac Properties off

Posted on: June 19, 2009


Bernama – Thursday, June 18

KUALA LUMPUR, June 17 (Bernama) — UEM Land Holdings Bhd announced that its Sales and Purchase Agreement (SPA) with Damac Properties Sdn Bhd for the sale of approximately 17.416 hectares in Puteri Harbour, Nusajaya has lapsed.

UEM World Bhd’s subsidiary, UEM Land Bhd, had signed the deal with Damac Properties for the sale of the land in Puteri Harbour, Nusajaya, for RM396 million cash.

Under the terms of the deal, the period for fulfillment of its conditions precedent shall expire upon expiry of the Extended Approval Period or 12 months from the date of the SPA, unless otherwise extended by mutual agreement of the parties.

In a statement to Bursa Malaysia today, UEM Land said the parties have been in discussions on certain issues relating to the conditions precedent and a possible extension of the Extended Approval Period.

It said that on June 16, UEM Land received notification from Damac stating that they were not agreeable to extending the approval period. With that, UEM Land said the SPA had lapsed and had no further effect whatsoever. — BERNAMA

TNS SD

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

WHEN NOTHING GOES RIGHT, go left

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 55 other followers

DISH MENU

PREVIOUS MENU

CASHIER COUNTER

  • 270,869 UFOs
%d bloggers like this: