Eco World extends approval period for Semenyih land acquisition

-A +A

KUALA LUMPUR (Mar 31): Eco World Development Group Bhd has extended the approval period for its RM225.33 million proposed acquisition of a freehold land in Semenyih measuring 492.66 acres from Univas (Far East) Sdn Bhd to April 2, 2016.

In a filing with Bursa Malaysia today, Eco World (fundamental:0.5; valuation:0.3) said Univas has yet to obtain approval from the Estate Land Board for the transfer of the land, which was part of the conditions precedent set out in the sale and purchase agreement (SPA) entered into by Eco World and Univas on July 2, 2014.

The approval period for the fulfilment of the conditions set out in the SPA shall expire on April 2, 2015, and thus Eco World has decided to extend the approval period of the SPA to April 2, 2016, it said.

Eco World shares closed down 8 sen or 4.12% today to RM1.86, with a market capitalisation of RM3.67 billion.

(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.)