ARA DAMANSARA (June 26): Jaks Resources Bhd said the proposed sale of its 51% stake in Evolve Concept Mall at Ara Damansara, Selangor will require more time, as potential buyers continue to evaluate the deal.

Jaks chief executive officer Andy Ang Lam Poah said potential buyers include foreign investors, who require more time to study the deal.

“They are still evaluating as the property market conditions are soft. With the change in (the Malaysian) government, the potential buyers (of) whom some are foreign investors, have decided to hold on first [before making a purchase decision],” Ang told reporters, after Jaks' annual general meeting here today.

On whether the disposal of Evolve Concept Mall could take place this year, Ang said it will depend on the situation in the property market."

[Regardless of whether] the buyer would be local or foreign, they have decided [to hold on] first..it all depends on the market situation," Ang said.