Aspen terminates agreement to purchase land in Paya Terubong with Geo Valley

Aspen Park Hills (APH), the indirect subsidiary of Aspen (Group) Holdings, has terminated its conditional share and purchase agreement with Geo Valley for the purchase of land in Paya Terubong.

This was due to non-compliance with the suspensive conditions, Aspen said in a scholarship application last Wednesday (Dec. 29).

In 2019, the companies entered into an agreement to purchase land in Paya Terubong, Penang for RM165 million. Geo Valley also invested 25% equity in Aspen Park Hills.

Under the dissolution and settlement agreement, Geo Valley will return to APH a deposit and further payment of 24.4 million ringgits. The Geo Valley nominees will also transfer its 25% stake in APH to Aspen Vision Homes, Aspen’s indirect subsidiary and holding company of APH.

Aspen does not expect the termination to have a material adverse effect on the Company’s consolidated net tangible assets per share and earnings per share for the fiscal year ended June 30, 2022.

In 2019, Aspen said it planned to develop a mixed-use development consisting of residential towers, serviced apartments, retail lots and a community center in the area. The project would be the company’s first joint venture with property developer Oxley Holdings.

Source: The business times