PETALING JAYA: Ge-Shen Corp Bhd
has entered into a new sale and purchase agreement (SPA) with Plastico Sdn Bhd to dispose of five pieces of freehold land in Johor Baru for RM35.5mil.
The new agreement comes after the initial SPA to acquire the properties for RM35mil was terminated in December 2025, when Plastico failed to secure financing to complete the deal.
“Following the termination of the old SPA, the purchaser has since confirmed (that they had) secured financing to fund the acquisition of the properties.
“Having considered, amongst others, the purchaser’s confirmation of its funding readiness, its continued interest in the properties, the board is of the view that it is in the best interest of the group to re-enter into the SPA with the purchaser for the proposed disposal.”
Ge-Shen, which announced the initial proposed disposal in February last year, said the deal will allow the group to monetise its investment in the properties.
