Yong Tai terminates agreement to jointly develop land in Melaka

KUALA LUMPUR (July 4): Yong Tai Bhd announced yesterday that its wholly-owned subsidiary YTB Impression Sdn Bhd has terminated a joint development agreement with JM Bestari Land Sdn Bhd to develop a piece of land in Melaka.

In a filing with Bursa Malaysia, Yong Tai said the agreement was terminated due to non-fulfilment of the condition precedent as stated in clause 3.1(c) of the joint development agreement.

In March 21, 2017, YTB Impression inked the joint development agreement with JM Bestari, under which JM Bestari, as the landowner, had agreed to grant YTB Impression the sole and exclusive rights and entitlement to develop the joint venture (JV) land.

The proposed JV development was expected to have a total gross development value of approximately RM1.2 billion.

This article first appeared in The Edge Financial Daily, on July 4, 2019.

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