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In a Bursa Malaysia filing on Friday Aug 27, Olympia Industries said it will refund the RM3.02 million deposit to Jelita Timur.
The company had received a directive from Bursa Malaysia Securities Berhad (BMSB) to conduct a second valuation on Menara Olympia, a property under its subsidiary Dairy Maid Resort & Recreation Sdn Bhd and the adjoining leased car park by a professional valuer to be appointed by BMSB.
Rahim & Co was appointed to carry out the valuation.
“In view of the uncertainties regarding the transaction, the board of Olympia Industries has deliberated on the commercial and legal aspects of the transaction and has unanimously agreed that it is in the best interest of the company to mutually abort the transaction,” it said.
It said Jelita Timur in a letter dated Aug 25 informed its decision to withdraw from the transaction "due to the delay on the Company’s part in obtaining the requisite approvals to date, the revaluation of the Properties as required by Bursa Malaysia and that it was not prepared to proceed with the transaction at a higher consideration if there was a revision of the valuation of the properties."
The company also announced that Rahim & Co's valuation report was received through BMSB on Aug 27.
Based on Rahim & Co’s report, the properties were valued at RM228.1 million compared to RM200 million from the earlier valuation by Colliers, Jordan Lee & Jaafar dated Jan 25.
