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PETALING JAYA (April 28): Ekovest Bhd has called off its proposed RM310 million acquisition of four parcels of land along the Johor Bahru (JB)–Singapore Rapid Transit System (RTS) Link alignment, after the binding term sheets lapsed on their final extension deadline on Monday — more than two and a half years after the deal was first announced.
In a Bursa Malaysia filing on Monday, Ekovest said the proposed acquisition "will not proceed," with both parties mutually agreeing to fully release and discharge each other from all obligations and liabilities under the binding term sheets.
The company said it remains open to revisiting the acquisition should suitable opportunities arise.
The deal, first announced in Oct 2023, involved two separate transactions totalling approximately 15.82 acres intended for potential a transit-oriented development (TOD) in anticipation of passenger demand driven by the RTS Link's improved connectivity between JB and Singapore.
The first was a proposed acquisition of two freehold parcels totalling 6.18 acres — currently housing Danga City Mall, and an exhibition building in Bandar JB — from Danga City Mall Sdn Bhd for RM210 million.
The second involved two leasehold parcels totalling 9.64 acres from Khazanah Melati Sdn Bhd for RM100 million.
Originally targeted for completion in April 2024, the deal had been extended six times — in April, July and October 2024, and in April and October 2025, and again in January 2026 — before finally lapsing.
Ekovest said the lapse is not expected to have any material financial, operational, legal or risk-related impact on the company.
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