News

Three Companies Terminate MoU With Sp Setia

Last update: 17/01/2017

KUALA LUMPUR, Jan 17 (Bernama) -- SP Setia Bhd's wholly- owned unit, SP Setia (Indonesia) Sdn Bhd, Sime Darby Bhd and I&P Group Sdn Bhd have decided to terminate the Memorandum of Understanding (MoU) with SP Setia Bhd on an affordable housing development joint venture in Jakarta.


"SP Setia (Indonesia), Sime Darby and I&P have decided not to pursue the joint venture and are exercising the right to terminate the MOU in accordance to the terms of the MOU, with immediate effect," SP Setia said in a filing to Bursa Malaysia today.


On Aug 2, 2016 and Oct 27, 2016, SP Setia Bhd had entered into a non-binding and a supplemental MOU with the three companies to develop 500 hectares of freehold land for an affordable housing project.


It said the termination of the MOU would not have any material financial effect on the company.


-- BERNAMA