AEON scraps Batu Pahat mall plan with termination of land purchase

KUALA LUMPUR (April 5): AEON Co (M) Bhd said its proposed acquisition of a piece of 20-acre land in Batu Pahat, Johor has fallen through.

The proposal in 2014 to buy the freehold plot from Genting Property Sdn Bhd for RM34.85 million was for the development of a shopping centre, AEON said in a filing today.

But the acquisition could not proceed due to the “non-fulfilment of the condition precedents within the conditional period”, and both parties could not reach an agreement to extend the conditional period.

AEON said it would seek a refund of the RM13.94 million it had paid to Genting Property for the land purchase.

Shares of AEON rose 1.27% or three sen today to RM2.40, giving it a market capitalisation of RM3.36 billion. — theedgemarkets.com

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1113359/aeon-scraps-batu-pahat-mall-plan-termination-land-purchase

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