The group says will provide statement on the issue once it receives formal letter of termination from Penang Development Corporation.
The Penang Development Corporation has terminated its joint agreement with Umech Land Sdn Bhd for the development of Batu Kawan Industrial Park 2.
In a local bourse filing today, Sunway said it will be able to provide clarity on the issue once Umech Land has received and reviewed the letter from PDC. On Sept 27, Sunway announced that Umech Land and PDC had inked a joint development agreement to co-develop a 226.2ha land in Batu Kawan into an industrial park with a gross development value of around RM3.5 billion.
The acquisition reduced the stakes of Umech Land’s two other shareholders Karen Cheng and Nathaniel Rajakumar to 21% and 9% respectively. Previously, Cheng and Rajakumar held a 70% and 30% interest in Umech Land.In a statement today, PDC said it had decided to terminate the joint development agreement following a board meeting yesterday.
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