Plenitude deal to buy Osaka hotel falls through 


KUALA LUMPUR: Property firm Plenitude Bhd said a deal entered by its indirect subsidiary to acquire a hotel in Osaka, Japan has been terminated.

Plenitude, on Nov 26, announced a plan to form a joint venture with a Singapore-based company to acquire a 21-storey hotel in Osaka for RM438.5mil.

"The Board of Directors of Plenitude wishes to announce that a condition precedent in relation to the Definitive Agreements entered into by the indirect subsidiary of Plenitude, MHI SG1 Pte Ltd, in respect of the Proposed Investment has not been fulfilled in accordance with the terms of the Definitive Agreements," it said in a filing with Bursa Malaysia today.

"Pursuant thereto, the conditional Trust Beneficiary Interest Sale and Purchase Agreement (defined as PSA in the Announcement) has been terminated and the Deposit (as defined in the Announcement) to be refunded," it added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Plenitude

   

Did you find this article insightful?

Yes
No

Next In Business News

Chinese banks, Australia's Macquarie tiptoe into Asian oil finance void
Australia's Afterpay to explore global listing as first-half sales double
GameStop stock doubles; even Reddit is surprised
Data-focused Powell paves way for era of extended loose Fed policy
Oil price rises after data shows slump in US output amid Texas freeze
Wall Street finishes up as Fed's Powell soothes inflation fears
Powering on with RE
Improvement on the cards
Seda appoints new CEO
Glove stock valuations hit rock bottom after rout

Stories You'll Enjoy


Vouchers