KUALA LUMPUR: IOI Properties Group Bhd has cancelled its plan to acquire a 37.17 per cent stake in Taipei Financial Center Corp for RM2.74 billion.
In a filing to Bursa Malaysia today, IOI Prop said the board of directors has decided not to extend the three-month period for the seller and purchase to obtain the foreign investment approval from the Investment Commission of Taiwan which expired on March 5.
“The company has decided not to extend the three months period as stated in the Clause 10.1(c) of the share sale agreement (SSA) and hence, the SSA is terminated.
“In accordance with the SSA, the company will now proceed to obtain the refund of the deposits paid by IOI Prop,” it said. -- BERNAMA