Friday 29 Mar 2024
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KUALA LUMPUR (Dec 22): Utusan Melayu (Malaysia) Bhd has called off its RM7.1 million sale of a piece of industrial land measuring 0.8ha in Mukim Serendah, Ulu Selangor, Selangor, after the buyer fails to settle the remainder of the payment.

In its Bursa Malaysia filing today, Utusan said its wholly-owned unit Utusan Land Sdn Bhd (ULand) has terminated the sale and purchase agreement (SPA) that was originally entered into with the buyer, Tristar Maximum Sdn Bhd, on Nov 24 last year.

This came after Tristar Maximum had not met the payment on or before the expiry of the mutually agreed extended completion date of Sept 24, 2015.

"Upon the immediate termination, the sum of 10% of the purchase price (being the deposit) and the late payment interest paid by Tristar Maximum up to Sept 24 have been forfeited by ULand.

"Thereafter, the SPA becomes null and void and neither party shall have any claims whatsoever, directly or indirectly against the other in respect of the SPA," it said.

Utusan said the termination is not expected to have any material effect on the earnings, net asset and gearing of the company and the group for the financial year ending Dec 31, 2015.

The publisher's counter closed unchanged at 57 sen today for a market capitalisation of RM63.1 million.

(Note: 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.)

 

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