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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.