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- The decision to cancel the land deal was due to vendor Megan Mastika Sdn Bhd’s failure to fulfil conditions precedent despite extensions granted by Teladan's wholly owned unit Asal Harta Sdn Bhd, according to the property developer.
KUALA LUMPUR (Feb 7): Teladan Setia Group Bhd (KL:TELADAN) has cancelled its plan to purchase a piece of land in Melaka Tengah for RM48.54 million for a health and wellness centre and serviced apartments project.
The decision to cancel the land deal was due to vendor Megan Mastika Sdn Bhd’s failure to fulfil conditions precedent despite extensions granted by Teladan's wholly owned unit Asal Harta Sdn Bhd, according to the property developer.
“In view thereof, Asal Harta has elected to rescind [the] sales and purchase agreement agreement (SPA) pursuant to the provisions of the SPA,” it added in a bourse filing on Friday.
Asal Harta inked the SPA with Megan Mastika to purchase the 7.54-acre land in January 2023, with the acquisition initially expected to be completed by the fourth quarter of 2023.
In January 2024, Asal Harta granted Megan Mastika a 12-month extension to satisfy the deal's conditions precedent.
Teladan did not disclose the reason behind Megan Mastika’s delays in fulfilling the conditions precedent.
Shares in Teladan were last traded on Feb 6 at 96 sen, valuing the company at RM781.76 million.
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