KUALA LUMPUR (July 11): Versatile Creative Bhd fell 2% at mid-morning today, after it announced it has delayed due diligence exercise for the development of medium-cost apartments in Johor, which has a gross development value of RM110 million.

At 10.15am, Versatile fell 3 sen to RM1.47, with 1.82 million shares done.

“The board of directors wishes to announce that the due diligence exercise had been put on hold, as Versatile Smart Properties Sdn Bhd (VSP) was requested by Double Action Ventures Sdn Bhd to relook into the land conversion cost payment proposal within the deadline of two months,” the company said in a filing with Bursa Malaysia yesterday.

The company added that VSP will be seeking an extension of the Memorandum of Understanding (MOU) signed with Double Action and will finalise the draft definitive agreement upon finalisation of the land conversion payment issue. — theedgemarkets.com

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