PETALING JAYA: UOA Development Bhd
has terminated the shareholder agreement it had with Care Concierge Care Centre Sdn Bhd (CCCC), it said yesterday in a filing with Bursa Malaysia.
According to the statement, UOA Development noted it will now become sole owner and operator of its facility, Komune Care Centre Sdn Bhd in Cheras.
The reason for the termination given was a divergence of business views.
UOA Development said the initial contract was made on Sept 9, 2021 with CCCC via two subsidiaries – Federaya Development Sdn Bhd and Regenta Development Sdn Bhd.
The property developer pointed out that both its subsidiaries agreed to terminate the agreement with immediate effect via a termination agreement dated April 17, 2026.
Upon termination, CCCC will transfer its 40% equity interest in Komune Care Centre Sdn Bhd, comprising 186,667 ordinary shares — to Federaya for a cash consideration of RM500,000.
Following the transaction, Komune Care Centre will become a wholly owned subsidiary of UOA Development via its subsidiaries.
“The contract was to participate in the provision of independent home living, managed home care services, care giving services for people who require assistance in their daily lives and develop and manage care facilities at Komune Care Centre.”
The group also added the termination will not have any financial impact on its earnings, gearing or net assets.
“The board, having considered all aspects of the termination, is of the opinion that the termination is in the best interest of UOA Development.”
