KUALA LUMPUR: Gadang Holdings Bhd said its plan to purchase a 8.53 hectare freehold land in Kwasa Damansara will take longer than expected with the Economic Planning Unit's (EPU) approval for the deal still pending.
In a filing with Bursa Malaysia Securities Bhd, Gadang said its unit Elegance Sonata Sdn Bhd has been given a one month extension by Kwasa Development (3) Sdn Bhd to pay the balance purchase price of RM38 million for the deal, with a late payment interest of seven per cent per annum.
Kwasa Development (3) has also extended the conditional period for another three months to May 31, 2024.
On November 28, 2023, Elegance Sonata entered into an agreement with Kwasa Development (3) to purchase the plof land for RM114.78 million.
Gadang's share price was up 2.3 per cent to 44 sen as at 2.45pm.