KUALA LUMPUR, 16 November 2015 – Hua Yang Berhad’s planned acquisition of one of its two parcels of freehold land in Bukit Mertajam, Penang was terminated today. The termination of the plot, measuring 3.14 acres, was due to the vendor’s inability to fulfil one of the Conditions Precedent (CP) to the sales and purchase agreement (SPA).
The non-fulfilment of the CP to the SPA will disrupt the strategic development plan and timeframe that the Group had set for the land. The termination of the SPA will not impact Hua Yang’s 2016 financial year results.
The interest of Hua Yang’s shareholders remains a priority and the Group will continue to explore new opportunities to expand its landbank. Nevertheless, any potential acquisitions must meet the criteria set out by the Group and must be able to deliver tangible value to its shareholders in a long term and sustainable manner.
For further information, please log onto http://www.huayang.com.my.