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Mah Sing: RM285.38m [email protected] Kiara deal called off

KUALA LUMPUR: The proposed development of the [email protected] Kiara project, which would have been undertaken by Mah Sing Group Bhd's unit, has been terminated following the non-fulfillment of conditions with the purchaser Prompt Symphony Sdn Bhd.

Mah Sing on Tuesday, Nov 3 that its unit Maxim Heights Sdn Bhd had received written notice from Prompt Symphony about "non-fulfillment of the conditions precedent within the relevant timeframes" under the tripartite sale and purchase agreement and put and call option.

To recap, Maxim Heights had entered into the agreement with the landowner, Majlis Agama Islam Wilayah Persekutuan (MAIWP) and Prompt Symphony for the en bloc sale of a commercial building known as The [email protected] Kiara to Prompt Symphony for total cash consideration of RM285.38 million.

The proposed en bloc sale was conditional upon the fulfillment of the several conditions including Maxim Heights securing the development order from the authorities for the development of The [email protected] Kiara.

Maxim Heights had on Oct 26, obtained a conditional approval for the development order from the authorities to develop of The [email protected] Kiara.

On Oct 27, Maxim Heights gave notice to Prompt Symphony that the former had obtained the conditional development order from the relevant authorities. It then requested Prompt Symphony to confirm the due diligence within seven days from the date of the notice and also to fulfil other conditions in the agreement.

However, on Nov 2, Maxim Heights received a written notice from Prompt Symphony that due to the non-fulfillment of the conditions precedent within the relevant timeframes, the sale and purchase agreement was terminated.

Mah Sing said the accordingly, the tripartite put and call option agreement, dated Nov 27, 2007 among the three parties for the sale of not less than 637 car park bays in The [email protected] Kiara to the Prompt Symphony for RM19.9 cash was null and void.
 
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