KUALA LUMPUR (March 17): MTAG Group Bhd has called off its proposed acquisition of two plots of land in Plentong, Johor to build its new manufacturing plant.

The converter company said the land is no longer considered suitable to construct its plant, due to differing soil and earth conditions.

It will seek the full refund of the RM491,191 deposit paid to the vendor, MTAG added in a filing with Bursa Malaysia.

The company had proposed to buy the two pieces of freehold industrial land, spanning 4.9 hectares (12.1 acres) collectively, for RM24.56 million in January.

Shares of MTAG closed up 0.5 sen at 24.5 sen today, giving the company a market capitalisation of RM167 million.

Click here to see industrial property for sale in Plentong, Johor.

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