UDA aborts plan to sell land

PETALING JAYA: UDA Holdings Bhd is terminating the proposed sale of a 3.56 acres land along Jalan Sultan Ismail in Kuala Lumpur for RM215.5mil to Nadayu Properties Bhd.

Nadayu, formerly known as Mutiara Goodyear Development Bhd, told Bursa Malaysia yesterday that its solicitors had received a letter from UDA, cancelling the deal.

UDA said in its letter, it was unable to get the approval of its shareholder for the proposed acquisition, adding that it planned to terminate the sales and purchase agreement and refund the 10% deposit of the purchase price amounting to RM21,550, to the Nadayu in due course.

By The Star