KUALA LUMPUR (March 3): Berjaya Land Bhd (BLand) has pulled out from the deal to undertake a housing and mixed development project with an estimated gross development value of US$746.08 million (RM3.05 billion) in Yangon, Myanmar.
In a bourse filing, BLand said its 80%-owned subsidiary, BDS Smart City Co Ltd, has served a written notice on the Yangon Region Government (YRG) to terminate the concession agreement due to non-fulfilment of conditions. The agreement was signed on Feb 7, 2020.
“The termination has no effect on the issued share capital and substantial shareholders’ shareholdings of BLand,” said the group, adding that it is not expected to have any material effect on its net assets, earnings and gearing for the current financial year ending June 30, 2022.
At the time of signing the agreement, BLand said the project was expected to be developed over a period of nine years and then automatically extended for additional one year.
BLand shares closed unchanged at 22 sen on Wednesday (March 2), with a market capitalisation of RM1.1 billion. The counter has risen 22.22% over the past year from 18 sen.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates
Looking for property? Check out Location Scan, where we summarize all available options and facts you need in a few clicks. We have updated the tool to include MRT3 stations too.
Curious how much you can borrow? Use LoanCheck to get your maximum loan eligibility from various banks, or LoanReport to get a FREE CTOS/CCRIS credit report.
TOP PICKS BY EDGEPROP
Fairfield Residences, Tropicana Heights