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