KUALA LUMPUR: Ewein Bhd’s subsidiary Ewein Zenith II Sdn Bhd (EZII) and Consortium Zenith Construction Sdn Bhd (CZ) have mutually terminated the sales and purchase agreement (SPA) to acquire a parcel of land worth RM162 million in Pulau Pinang.
In an exchange filing today, Ewein noted both parties have mutually agreed to terminate the SPA as the land alienated is about two-acre only which is a substantial reduction in the size of the subject land referred to in the SPA.
“The vendor shall within three months from the date of the termination agreement, refund to the purchaser, the refundable deposit under the SPA in the sum of RM16.2 million together with interest at the mutually agreed rate,” it said.
The company noted the termination agreement as mutually terminate, revoke and rescind the SPA and to release and discharge each other from the rights, liabilities and obligation contained in the SPA.