The seller, MSM Perlis Sdn Bhd, is a unit of refined sugar producer MSM Malaysia Holdings Berhad. Meanwhile, the land, Ladang Chuping, is a palm oil, rubber and mango plantation.
Subsequently in April this year, F&N said that the seller had not granted any extension of time for the satisfaction of conditions under the sale and purchase agreement, and had rescinded the deal. In a bourse filing dated April 7, F&N said it was the intention of Tuanku Syed Sirajuddin together with F&NHB, through their investment in F&N AgriValley, to promote and facilitate the development of commercial agricultural activities that will bring further economic development to the state of Perlis.
Tuanku Syed Sirajuddin's 30 per cent equity stake in F&N AgriValley would have also facilitated the satisfaction of certain regulatory requirements pursuant to the conditions precedent under the sale and purchase agreement for the acquisition of the land, Ladang Chuping.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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