TWL discloses RM1.8 mil pending refunds from three terminated JV agreements

KUALA LUMPUR (July 3): TWL Holdings Bhd has furnished additional details to Bursa Malaysia on the mutual termination of three joint venture agreements (JVAs) between its wholly-owned subsidiary TWL Builders Sdn Bhd (formerly Tiger Synergy Development Sdn Bhd) and Pentas Irama Sdn Bhd, Elitprop Sdn Bhd and Greatprop Development Sdn Bhd.

In replies to Bursa’s query letters, TWL yesterday said the JVAs required TWL Builders to complete the respective projects within two years from layout plan approval or by an agreed extended completion date. The group said the projects remained uncompleted upon expiry of the extended completion period.

TWL said TWL Builders had paid a consideration sum of RM600,000 to each of Pentas Irama, Elitprop and Greatprop, with the amounts remaining outstanding and pending refund. The total sum pending refund across the three terminated agreements amounts to RM1.8 million.

Under the mutual termination agreements dated June 29, 2026, the consideration sums are to be refunded by June 28, 2027. TWL said the 12-month repayment period was mutually agreed after taking into account the counterparties’ financial commitments and cash flow requirements.

The group said the termination agreements do not provide for penalties or interest in the event of delayed repayment. Should repayment not be made by the deadline, the parties may mutually agree to extend the refund period in writing, failing which TWL Builders may enforce its rights and remedies under the agreements and applicable law.

TWL also disclosed that development expenses incurred under the projects had been reimbursed by the respective counterparties. Reimbursed development expenses amounted to approximately RM4.86 million for the Pentas Irama project, RM11.19 million for the Elitprop project and RM3.93 million for the Greatprop project.

The company further outlined development-related approvals obtained over the life of the projects, including development orders and land conversion approvals.

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