PETALING JAYA: Property developer Sunsuria Bhd
has revoked the proposed acquisition of an 80% stake in Mayer Land Sdn Bhd.
While the exact reason for the termination was not disclosed, it is noteworthy that the duration to fulfill the conditions precedent of the shares sale and purchase agreement (SPA) have been extended three times before this.
Sunsuria and the vendors of Mayer Land have agreed to revoke the SPA unconditionally without any liability to the other party.
On June 22, 2023, Sunsuria proposed the acquisition of an 80% stake in Mayer Land for RM800,000.
The purchase would have enabled Sunsuria to participate in Mayer Land’s two Rumah Selangorku projects and a mixed development in Penang.
