In a filing with Bursa Malaysia yesterday, Lagenda said its wholly-owned subsidiary, Taraf Nusantara Sdn Bhd (TNSB), had signed the agreement with Tenaga Danawa Sdn Bhd (TDSB). (File pic shows one of the projects of Legenda Properties.)
PETALING JAYA: Lagenda Properties Bhd
’s unit has signed a deed of revocation with a wholly-owned subsidiary of Majuperak Holdings Bhd with regards to an affordable housing development project in Tapah, Perak.
In a filing with Bursa Malaysia yesterday, Lagenda said its wholly-owned subsidiary, Taraf Nusantara Sdn Bhd (TNSB), had signed the agreement with Tenaga Danawa Sdn Bhd (TDSB).
Upon execution of the deed, Lagenda said TNSB will pay TDSB a sum of RM12.32mil as full and final settlement for the deal.
“Upon the execution of this deed and subject always to the full payment of the final settlement, the agreements shall be deemed to be terminated and cancelled.
“The parties’ obligations pursuant to the said agreements shall be null and void and to be of no further force or effect as from the date hereof.”
Lagenda said the deed allowed the company and its subsidiaries to reduce its developmental and land costs, which further enhanced the profitability of the group.
“The execution of the deed will strengthen the reputation of the group as one of the formidable affordable housing developers in Malaysia and to continue providing affordable houses to the mass Malaysian.”
