Penang calls off Batu Kawan land deal

The change in the controlling stake without approval is ‘unacceptable’, says state agency Penang Development Corporation.

Penang Development Corporation said it has given UMECH Land Sdn Bhd a three-month notice following a board meeting yesterday.

GEORGE TOWN: The Penang government has called off the sale of a plot of industrial land in Batu Kawan to a private company, following a change in shareholding in the purchaser’s company. State agency Penang Development Corporation said it has since given UMECH Land Sdn Bhd a three-month notice, following a board meeting yesterday.

“The change of majority stake in UMECH Land Sdn Bhd, to an extent the controlling stake, without PDC’s prior approval is a serious issue and a matter that was unacceptable to the PDC board,” it said in a statement. The land sale became controversial following claims it was sold below market rate, with the company later being acquired by a major property developer.

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