Tadmax’s land sale to 1MDB delayed again

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KUALA LUMPUR: Tadmax Resources Bhd has yet to complete the RM317.3 million land sale to 1Malaysia Development Bhd’s (1MDB) unit Ivory Merge Sdn Bhd.

In a filing with Bursa Malaysia yesterday, Tadmax said it is currently in discussion with Ivory Merge on the completion of the share sale agreement.

The delay in the completion of the disposal confirmed a recent report by The Edge weekly, which said that 1MDB might have to request for another extension, citing sources familiar with the matter.

1MDB has already requested for two extensions previously, to pay the balance of about RM285 million, not including the 10% deposit.

The state-owned fund was supposed to have settled the balance of 90% of the consideration within seven days of Aug 20, 2014, when the deal became unconditional.

Tadmax’s share price lost two sen or 5% to close at 38 sen yesterday, for a market capitalisation of RM169.01 million.

 

This article first appeared in The Edge Financial Daily, on November 11, 2014.