Supermax’s proposed acquisition of 2 pieces of freehold land with S P Setia owned Bandar Setia Alam Sdn Bhd valued at RM73 million has now been terminated.
This goes back to the rubber glove company’s announcement in September 2020 where it stated the proposed intention to acquire these plots at RM35.01 million and RM38. 48 million respectively. In a filing to Bursa, Supermax stated that the proposed acquisition was subject to and conditional upon fulfillment of the condition listed by the Economic Planning Unit and for its approval. In March EPU approved the transfer of ownership of the land subject to meeting the 30% Bumiputera equity ownership before the land ownership can be transferred.
However, in May 2021, Supermax via its subsidiary Maxter submitted an appeal to waive the EPU Approval Condition which was subsequently rejected.
Upon receiving the new, the deal was terminated under the condition included in the SPA for such a scenario.
