Meda Inc aborts RM31.7 mil land acquisition deal in Hulu Langat

KUALA LUMPUR (July 8): Property developer Meda Inc Bhd has aborted the proposed acquisition of a RM31.7 million freehold land in Hulu Langat district, Selangor.

In a filing with Bursa Malaysia, Meda Inc said it was terminating the sale and purchase agreement (SPA) for the acquisition of the 3.9ha land in Tempat Sungai Sekamat in Cheras.

On Oct 20 last year, Meda Inc together with Global Jubilee Sdn Bhd had entered into a SPA with Natwest Trading Sdn Bhd to buy the land to build condominiums with an approximate gross development value of RM252 million.

According to the earlier statement to the stock exchange then, both Meda Inc and Global Jubilee would acquire a total of 4.2ha of land, of which Global Jubilee’s share amounted to 0.3ha at a cost of RM2.6 million.

Meda Inc’s preliminary development plan was subject to authorities’ approval with an expected launch date in the second quarter of 2015.

Its shares remained unchanged at 60 sen, giving it a market capitalisation of RM289.9 million.