Gadang Holdings to dispose of Rumah Selangorku land in Semenyih for RM2.5 mil
The freehold parcel in Daerah Ulu Langat, Selangor, forms part of the group’s larger township development.
The freehold parcel in Daerah Ulu Langat, Selangor, forms part of the group’s larger township development.
The termination is in respect of the undeveloped phases of the project, Gadang said in a bourse filing on Friday.
The exercise, which is expected to be completed by the first quarter of 2025, will reduce the group’s interest-bearing borrowings to RM171.
Gadang also referred to the delay in making an immediate announcement about the suit, explaining that ongoing negotiations between the parties initially aimed to resolve the matter amicably.
In a note on Thursday, the research house said this negative variance was primarily due to higher-than-anticipated project operating costs and tax expenses.
For the full year, Gadang returned to the black with a net profit of RM4.
With the SPA terminated, the parties will now revert to the development rights agreement inked, it said.
Currently, the stock is not covered by any analysts.
The value of the latest contract is higher than Haily’s market value of RM93.
The builder-cum-property developer said the EPU had on Monday rejected its proposed acquisition as it did not meet the 30% Bumiputera equity ownership requirement.