KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N) and its wholly-owned unit, F&N AgriValley Sdn Bhd have decided to pursue and evaluate other opportunities for its proposed integrated crop and dairy farming project in Chuping, Perlis, after MSM Malaysia Holdings Bhd terminated the land sale agreement on April 9, 2020.
“F&N and F&N AgriValley Sdn Bhd have decided that the group will pursue and evaluate other opportunities for its proposed integrated crop and dairy farming project when such opportunities arise,” it said in a filing with Bursa Malaysia today.
The company also said F&N AgriValley had received the refund of deposit under the conditional sale and purchase agreement (SPA) with MSM Malaysia’s wholly-owned unit, MSM Perlis Sdn Bhd.
F&N AgriValley had, on Oct 8, 2019, entered into a SPA with MSM Perlis for a proposed acquisition of4,453.92 hectares of leasehold land in Chuping for RM156 million, it said.
It added that on April 9, 2020, MSM Perlis informed F&N AgriValley that MSM Perlis had not granted any extension of time for the satisfaction of conditions precedent under the SPA and MSM Perlis had then rescinded the SPA. - BERNAMA
source https://www.thesundaily.my/business/fn-decides-to-pursue-other-opportunities-after-msm-terminates-chuping-land-sale-GY2331989
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