Tuesday, December 13, 2011

Vendor rejects S P Setia's bid for more time over RM330m land purchase

KUALA LUMPUR (Dec 13): S P Setia Bhd's request for more time to fulfill the conditions in its purchase of 1,010.5 acres of land in Ulu Langat, Selangor for RM330.13 million was rejected by the vendor Ban Guan Hin Realty Sdn Bhd.

S P Setia said on Tuesday Ban Guan Hin Realty did not agree to an extension of the period to fulfill the conditions, including securing the Estate Land Board's approval for the sale and transfer of the land to the purchaser.

'The purchaser is currently seeking legal advice on its position under the sale and purchase agreement and will seek the appropriate relief from the court, if necessary,' it said.

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