KUALA LUMPUR: UEM Sunrise Bhd has cancelled its memorandum of understanding (MoU) with Chinamall Holdings Pte Ltd (CHPL) to co-operate in the development of a trade and exhibition centre in Gerbang Nusajaya, Nusajaya, Johor.

In a filing with Bursa Malaysia, UEM Sunrise (fundamental: 1.5; valuation: 2.6) said its subsidiary UEM Land, had on May 27, 2015, communicated to CHPL that it wishes to terminate the MoU on the basis that both parties have not been able to make any significant headway on the project.

UEM Sunrise had signed the MoU with CHPL in late 2012, to develop the Asian Trade Centre. The first phase of the project, the China Mall, was supposed to have been the catalyst, with a mall that was touted to be bigger than the Pavilion in Kuala Lumpur.

UEM Sunrise shares closed one sen or 0.97% higher at RM1.04, with a market capitalisation of RM4.67 billion. — by Meena Lakshana

The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.

This article first appeared in The Edge Financial Daily, on May 29, 2015.