Mahajaya terminates shopoffice sale

KUALA LUMPUR: Main board-listed property company, Mahajaya Bhd said the company's wholly owned sub-subsidiary, Medan Damai Sdn Bhd revoked and rescinded a sales and purchase agreement (SPA) to sell a unit of a 3-storey shop office property located in Petaling Jaya to Pluto Heights Sdn Bhd, Teguh Menarik Sdn Bhd and Rancangan Impian Sdn Bhd.

According to a statement to Bursa Malaysia, the company signed a Deed of Revocation and Rescission with Pluto Heights on Feb 4. The said property at Lot No. 1BLO-017 erected on a leasehold land held under Master Title H.S.(D) 107888-107892 for PT Nos. 34136-34140, H.S.(D) 107898-107905 for PT 34146-34153 was initially intended to be sold for RM1,706,154.

The parties involved in the SPA, which has been cancelled, will return to their original positions like the deal never happened.
This will render the SPA null and void and neither party shall have any claim against the other under the SPA.

Mahajaya added in the statement that this "will not have any material effect on the share capital, net assets, gearing and substantial shareholders’ shareholding of the Company for the current financial year ending June 30, 2010".