Yong Tai terminates agreement to jointly develop land in Malacca

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KUALA LUMPUR (July 3): Yong Tai Bhd announced today that its wholly-owned subsidiary YTB Impression Sdn Bhd has terminated a joint development agreement with JM Bestari Land Sdn Bhd to develop a piece of land in Malacca.

In a filing with Bursa Malaysia today, Yong Tai said the agreement was terminated due to non-fulfilment of the condition precedent as stated in clause 3.1(c) of the joint development agreement.

In March 21, 2017, YTB Impression inked the joint development agreement with JM Bestari, under which JM Bestari, as the landowner, had agreed to grant YTB Impression the sole and exclusive rights and entitlement to develop the joint venture (JV) land.

The proposed JV development was expected to have a total GDV of approximately RM1.2 billion.

Shares of Yong Tai today closed down 0.5 sen or 1.52% to 32.5 sen for a market capitalisation of RM173.62 million.