UOA Development confirms rescission of RM200m property sale to UOA REIT after unitholder rejection

PETALING JAYA  (May 12): UOA Development Bhd has confirmed the formal rescission of three sale and purchase agreements (SPAs) involving the proposed RM200 million sale of commercial properties to UOA Real Estate Investment Trust (UOA REIT), after unitholders voted down the deal.

In a Bursa Malaysia filing today, UOA Development said its 60%-owned subsidiary Everise Project Sdn Bhd had accepted the rescission on May 8, following the failure of the condition precedent — unitholder approval — at UOA REIT's adjourned unitholders' meeting on April 29.

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UOA REIT unitholders vote down RM200m acquisition of three commercial properties

The three properties, located within UOA Business Park in Glenmarie, Shah Alam, were to be acquired by RHB Trustees Bhd as trustee of UOA REIT. The SPAs are now null and void, and neither party shall have any claims against the other arising from the agreements, save for any antecedent breach.

The proposed deal, which had been in the pipeline since October 2025, was to be partly funded via RM110.5 million in new UOA REIT units.

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