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KUALA LUMPUR (Dec 17): Anzo Holdings Bhd has mutually agreed with vendor Datuk Lim Thiam Huat to terminate a sale and purchase agreement (SPA) to acquire a RM7.5 million leasehold property, due to weak market conditions.
In a filing with Bursa Malaysia today, Anzo, formerly known as Harvest Court Industries Bhd, said it had entered into a settlement agreement yesterday (Dec 16) to terminate the June 19, 2014 SPA.
According to the SPA, Anzo proposed to acquire a leasehold property measuring 40,480 sq m, together with four units of the warehouse and two units of a Tenaga Nasional Bhd substation in Jempol district, Negeri Sembilan.
Anzo proposed to pay the RM2.25 million deposit via internally-generated funds, and the remainder through bank borrowings.
The property was to be used for any future expansion of its timber operations, said Anzo, which closed unchanged at 19 sen today, for a market capitalisation RM53.4 million. -- theedgeproperty.com
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