KUALA LUMPUR: Ivory Place Sdn Bhd, a 65 per cent-owned unit of Ivory Properties Group Bhd, has terminated its acquisition and rehabiliation agreement (ARA) with Plaza Rakyat Sdn Bhd. The agreement involved reviving the abandoned Plaza Rakyat project along Jalan Pudu in Kuala Lumpur. Ivory Properties said its subsidiary and Plaza Rakyat could not come to an agreement following their discussion to extend the condition precedent period of the agreement.“Accordingly, ARA has been terminated, both Ivory Place and Plaza Rakyat have acknowledged and will observe the terms and conditions therein to come to a satisfactory conclusion arising from the termination of the ARA,” it said.
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