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- The property, measuring 12,176 sq ft, is presently leased and operating as a private maternity hospital.
KUALA LUMPUR (Aug 22): Metro Healthcare Bhd (KL: METRO), which specialises in fertility, obstetrics and gynaecology services, has cancelled its planned RM9.5 million purchase of a four-storey shopoffice in Subang Jaya, Selangor.
In a bourse filing on Friday, the property, measuring 12,176 sq ft, is presently leased and operating as a private maternity hospital. The acquisition, to be undertaken through wholly owned subsidiary KW Tee Sdn Bhd (KWT), was originally intended to support the group’s expansion strategy in obstetrics and gynaecology services.
According to Metro Healthcare, the transaction was terminated after the vendor, Summer Healthcare Sdn Bhd (SHSB), did not comply with the conditions of the sale and purchase agreement (SPA) signed in February.
It was said that SHSB failed to settle the outstanding differential sum between the redemption sum and the balance purchase price within the seven-day deadline specified by KWT’s solicitors.
On Aug 21, KWT issued a termination notice to SHSB, requesting the immediate return of the RM665,000 earnest deposit together with reimbursement of all costs and expenses related to the SPA. With this, the SPA is considered void, cancelled and of no further effect.
Metro Healthcare said the termination will not have any material impact on its share capital, major shareholders’ interests, net assets per share, gearing, or earnings per share for the financial year ending Dec 31, 2025.
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