KUALA LUMPUR (April 29): Aeon Co (M) Bhd has aborted its RM36.02 million land acquisition deal in Kedah today, and is seeking a refund amounting to RM6.48 million from Asia Plywood Company Sdn Bhd, being the vendor of the deal.

In a filing with Bursa Malaysia today, the Aeon department store operator said the refund of RM6.48 million was the earnest deposit, balance deposit and the first payment of the transaction.

"The sale property has been aborted on April 29, due to the non-fulfilment of the conditions precedent within the extended conditional period," it added.

Recall Aeon had on June 3, 2011 announced it had entered into a sale and purchase agreement with Asia Plywood to acquire a piece of freehold land, measuring 8.162 hectares in Sungai Petani, Kedah, for RM36.02 million.

Aeon intended to construct a shopping centre, and operate the business of a shopping centre and departmental store cum supermarket, on the said land.

It said the acquisition would accelerate the expansion of its retail business.

Shares in Aeon closed at RM2.82 today, down one sen or 0.35%, for a market capitalisation of RM3.96 billion.