15 August 2015

Mah Sing cancels Seremban land acquisition, wants RM35m deposit returned

  15 August 2015

KUALA LUMPUR, Aug 14 — Mah Sing Bhd's wholly-owned subsidiary, Grand Prestige Development Sdn Bhd, today rescinded its proposed acquisition of a piece of prime freehold land located in Rantau, Seremban for RM359.56 million.

In a filing to Bursa Malaysia today, Mah Sing said the sales and purchase agreement is void due to, among others, misrepresentation and/or breach of terms and conditions by the vendors and/or events that are unlawful have occurred.

Following this, Mah Sing had demanded for the refund of the deposit of 10 per cent or RM35.96 million for the purchase consideration, together with interests earned thereon.

For the purpose of the proposed acquisition, the group said it had raised total gross proceeds of RM629.32 million from the rights issue with warrants which was completed on Feb 26, 2015.

It said RM107.2 million of the total proceeds raised was earmarked for part payment of the Seremban land.

“With the rescission of the proposed acquisition, the amount has been proposed to be re-allocated for other potential land acquisitions and property development activities such as accelerating the development of Mah Sing’s selected existing projects, should the opportunity arise,” it said.

The group said the board would ensure that the use of the proceeds will be in the best interests of Mah Sing and its shareholders.

It said the approval will be sought from its shareholders at an extraordinary general meeting. — Bernama

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