Share
KUALA LUMPUR (March 3): Berjaya Land Bhd (BLand) has pulled out from the deal to undertake a housing and mixed development project with an estimated gross development value of US$746.08 million (RM3.05 billion) in Yangon, Myanmar.
In a bourse filing, BLand said its 80%-owned subsidiary, BDS Smart City Co Ltd, has served a written notice on the Yangon Region Government (YRG) to terminate the concession agreement due to non-fulfilment of conditions. The agreement was signed on Feb 7, 2020.
“The termination has no effect on the issued share capital and substantial shareholders’ shareholdings of BLand,” said the group, adding that it is not expected to have any material effect on its net assets, earnings and gearing for the current financial year ending June 30, 2022.
At the time of signing the agreement, BLand said the project was expected to be developed over a period of nine years and then automatically extended for additional one year.
BLand shares closed unchanged at 22 sen on Wednesday (March 2), with a market capitalisation of RM1.1 billion. The counter has risen 22.22% over the past year from 18 sen.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates
TOP PICKS BY EDGEPROP
Chimes @ Bandar Rimbayu
Telok Panglima Garang, Selangor
Kenny Hills (Bukit Tunku)
Kenny Hills (Bukit Tunku), Kuala Lumpur
ARA SENDAYAN @ BANDAR SRI SENDAYAN
Seremban, Negeri Sembilan
HIJAYU 2 - RESORT HOMES
Seremban, Negeri Sembilan
HIJAYU 1, Bandar Sri Sendayan
Seremban, Negeri Sembilan
Pusat Perdagangan Seri Kembangan
Seri Kembangan, Selangor
Pusat Perdagangan Seri Kembangan
Seri Kembangan, Selangor
