MSM cancels Chuping land sale to F&N Holdings 

KUALA LUMPUR: MSM Malaysia Holdings has terminated a deal to sell its sugar plantation in Chuping, Perlis to a unit of Fraser & Neave Holdings Bhd (F&N Holdings).

This was after F&N Holdings had failed to obtain the approval from the Ministry of Economic Affairs, formerly known as the Economic Planning Unit (EPU), to purchase the land.

"In view that the purchaser has yet to obtain the EPU approval on or before the expiry of the extended conditional period on April 8, the vendor has exercised its rights to rescind the agreement," MSM said in a filing with Bursa Malaysia today.

MSM, in October last year, had announced that wholly owned MSM Perlis Sdn Bhd had entered into a deal with F&N Agrivalley Sdn Bhd for the disposal of approximately 4,453.92 hectares of land in Chuping for RM156mil.

"The refund of the deposit which the purchaser has previously paid will accordingly be effected in accordance with the agreement," MSM said.

Meanwhile, F&N Holdings said it was informed by MSM about its decision not to extend the deadline on April 6 and April 9.

The beverage maker noted that the April 8 deadline was within the current movement control order (MCO) period.

"In light of these developments, F&N Holdings and F&N AgriValley are considering its options. The Board will make further announcement in this regard in due time," it said in a separate filing with Bursa Malaysia today.

F&N Holdings was previously reported to be planning to invest RM650mil for the purpose of setting up a dairy farm in Chuping.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

MSM , F&N , Chuping


Next In Business News

BoE ‘cliff edge’ poses fresh risk for ravaged gilt market
Upstream to gain from output cut
IATA: Total air traffic surges 68% in August 2022
U.S. weekly jobless claims increase more than expected
Malaysian bubble tea chain brewing up rapid expansion, to revisit IPO plans
Hong Leong Banks introduce enhanced security measures to protect customers from fraud
Ringgit retreats from gains to close lower against US dollar
Nestcon bags RM91.18mil hydroelectric project
Yinson secures US$720mil financing for FPSO Maria Quit�ria
Bursa Malaysia Derivatives to host inaugural East Malaysia POC 2022 in Kota Kinabalu

Others Also Read