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Thursday, December 17, 2009

No legally binding pact with YNH: KFH

KUWAIT Finance House (M) Bhd (KFHMB) said it does not have a legally binding agreement to buy a building from YNH Property Bhd.

The Islamic bank has abandoned plans to buy half of Menara YNH on Jalan Sultan Ismail, Kuala Lumpur, for RM920 million and YNH said it would seek legal advice and claim damages.

KFHMB was responding to media reports on KFHMB decision not to go ahead with the RM920 million en bloc purchase of Menara YNH on Jalan Sultan Ismail, Kuala Lumpur.

"A conditional letter of offer was executed between KFHMB and YNH but the sale and purchase agreement was not executed as the condition letter of offer which amongst others includes the necessary approvals from KFHMB's board of directors, shareholders and/or committee were not obtained," KFHMB said in a statement yesterday.
It added that the parties had several talks and meetings on a revised structure to meet approvals and other conditions in the letter.

"As both parties were unable to agree on a revised structure and the terms of the sale, KFHMB has decided not to proceed with the purchase of the said Menara YNH," it added.

By Business Times

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