DWL terminates Melaka commercial development, to get back RM21m deposit

 

KUALA LUMPUR (July 30): DWL Resources Bhd (formerly known as Spring Gallery Bhd) has terminated a masterplan for a commercial development on 216,427 sq metres of land in Melaka.

In a filing with Bursa Malaysia yesterday, DWL said its wholly-owned subsidiary Million Rich Development Sdn Bhd and Titanium Hallmark Sdn Bhd have mutually agreed for the termination.

DWL said Titanium Hallmark will refund a deposit of RM20.97 million to Million Rich, within three months.

DWL said the termination came after all parties’ assessment and evaluation on the risks and feasibility of each proposal.

“The parties foresee [that] the proposals under the concept masterplan agreement, may not be able to materialise based on the initial planned timeframe,” it added.

DWL’s share price fell 0.5 sen or 0.79% to 63 sen yesterday, giving it a market capitalisation of RM134.72 million.

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