Scanwolf defers RM7.4m JV loan redemption to March 2027

PETALING JAYA (Aug 24): Scanwolf Corp Bhd has further deferred the redemption of an estimated RM7.4 million loan forming part of the consideration for its joint venture (JV) with Ratna Bina Sdn Bhd for a commercial development in Sungai Buloh, Selangor.

In a Bursa Malaysia filing on Monday (Aug 24), Scanwolf said its wholly-owned subsidiary Scanwolf Properties Sdn Bhd and landowner Ratna Bina entered into a letter of variation to amend payment terms under their June 28, 2024 JV agreement.

Under the latest variation, Scanwolf Properties must redeem in full the loan with Al-Rajhi Banking & Investment Corporation (Malaysia) Bhd, estimated at RM7.4 million, by March 2027. The redemption forms part of the consideration payable to Ratna Bina.

The redemption deadline had previously been extended to August 2026 under a letter of variation dated Feb 4, 2025. The original agreement required the loan to be redeemed by September 2025.

Scanwolf Properties has paid monthly installments of RM45,000 to Ratna Bina from August 2024 to June 2025. The remaining installments for July, August and September 2025 are to be paid in July, August and September 2026, respectively.

Under the original JV agreement, Scanwolf Properties agreed to pay Ratna Bina total consideration of RM14 million.

The project involves a leasehold parcel measuring about 4,023.1 sq m, or 0.99 acre, in Mukim Sungai Buloh, Petaling, Selangor. The original proposal was for an office development comprising an estimated 286 office units, with an estimated gross development value of RM135 million and gross development cost of RM92 million.

Scanwolf said all other terms and conditions of the JV agreement remain unchanged.

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