The controversial joint development deal between Sunway Group Umech and the Penang Development Corporation was terminated after keen-eyed observers found lopsided discrepancies in the agreement but PDC terminated the deal citing company ownership concerns as the main reason.
However, Sunway Group which was supposed to be the major developer of the project has informed Bursa today (24 Oct) that Umech Land has officially received the Notice of Termination of the JDA dated 20 October 2023 from PDC. Accordingly, the JDA will be terminated on the expiry of 90 days from the date of the Notice of Termination.
The construction conglomerate has also said that PDC will fully refund the deposit paid by Umech Land amounting to RM64,602,071.82 within a period of 30 days from the date of termination of the JDA.
