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BLand withdraws from RM3.05b mixed-development project in Myanmar

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.

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