Ho Wah Genting rescinds RM7 million property sale agreement (Sept 24, 2009)

KUALA LUMPUR: Ho Wah Genting Bhd has mutually agreed with Ivan Khor Property Holding Sdn Bhd to rescind their conditional sale and purchase agreement dated Oct 8, 2008, for Ivan Khor Property to purchase two Kedah properties from HWGB for RM7 million.

In a statement on Sept 24, HWGB said the agreement was rescinded as the purchaser was unable to obtain financing to pay the rest of the purchase price amounting to RM6.3 million.

It had entered into the agreement via its subsidiary, Ho Wah Genting Kintron Sdn Bhd.

HWGB said the 10% deposit, amounting to RM700,000, paid by Ivan Khor Property was forfeited.

HWGB had proposed to dispose of the properties in line with its strategy of selling non-core assets and reducing its gearing.