UEM Sunrise, WCT and Jubilant abort RM3bil JV

Under the deal, UEM Sunrise via its unit Sunrise Bhd would invest RM215mil to acquire a 50% stake in WCT

PETALING JAYA: UEM Sunrise Bhd has called off a joint venture (JV) with WCT Holdings Bhd and Jubilant Courtyard Sdn Bhd to develop a RM3bil township in Serendah, Selangor.

“The parties have mutually agreed on June 30 to rescind the agreement in light of the current weak property market conditions,” the company said in a filing with Bursa Malaysia.