S P Setia's proposed land buy hits snag
KUALA LUMPUR (Dec 14): S P Setia Bhd's proposed acquisition of 1,010.5 acres (409ha) in Ulu Langat, Selangor for RM330.13 million hit a snag when the vendor did not agree to an extension of time for the transaction to fulfil certain conditions precedent to complete the deal.
The company, which is a target of an ongoing takeover exercise by Permodalan Nasional Bhd (PNB), told Bursa Malaysia on Tuesday the vendor did not agree to an extension of the period for the fulfilment of conditions precedent to the transactions that included the approval of the Estate Land Board to be obtained for the sale and transfer of the land.
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