MSM International Cancels MYR23.5 Million Property Sale to Plustech

MT Newswires

03-18

MSM International (SGX:5QR) terminated its 23.5 million Malaysian ringgit property sale deal with Plustech Engineering and Construction after securing a higher offer, according to a Monday filing on the Singapore Exchange.

MSM's unit, MSM Metal Industries, signed a deed of revocation on Monday with Plustech, terminating both the sale and construction agreements. Neither party will have claims against the other.

MSM Metal will now develop Property 1 in Cheras, Selangor, Malaysia, by building two factory units.

A new 15.0 million ringgit construction deal with Plustech has been signed, and one unit has already been sold to Pusat Pakaian Hari-Hari for 18.0 million ringgit.

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