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Wednesday, July 4, 2012

SP Setia’s Viet project cancelled

KUALA LUMPUR: SP Setia Bhd's proposed 32ha property development project in Vietnam has been cancelled, the company told Bursa Malaysia in a filing yesterday.

It said that the condition precedent (CP) set out in the cooperation agreement between Setia Saigon East Ltd and Saigon Hi-Tech Park Development Co were not met by yesterday, which was the expiry date of an already extended CP fulfilment period.

The termination is mutual, SP Setia said, but added that the group is still positive on the property development prospects in Vietnam.

By Business Times

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