PETALING JAYA: Axis Real Estate Investment Trust
(Axis-REIT) has aborted its proposed acquisition of an industrial property in Seberang Perai, Penang, from Ann Joo Resources Bhd for RM800mil.
In a filing with Bursa Malaysia, Axis-REIT said pursuant to the due diligence review exercise conducted in connection with the proposed acquisition of the property, the REIT said the findings were “not satisfactory.”
“Accordingly, Axis-REIT has informed (Ann Joo) that it will not be proceeding with the proposed acquisition of the property and both parties have mutually agreed to terminate the letter of offer.
“As a result, the parties will not be entering into any definitive agreement for the proposed acquisition of the property and the letter of offer shall cease to have binding effect.”
Following the termination of the letter of offer, Axis-REIT said both parties will have no claims whatsoever against each other arising from or in connection with the letter of offer after the mutual termination.
“The termination of the letter of offer is not expected to have any material financial impact on Axis-REIT,” it said.
