Following the termination, Sinmah Capital said it shall receive a settlement sum of RM12.3 million in instalments, given the sum was paid to KLFA to purchase the land previously.
KUALA LUMPUR (Sept 13): Sinmah Capital Bhd (KL:SMCAP) has announced that its partnership with the Kuala Lumpur Football Association (KLFA) to develop a mixed development in Setapak has been terminated.
Following the termination, Sinmah Capital said it shall receive a settlement sum of RM12.3 million in instalments, given the sum was paid to KLFA to purchase the land previously, its bourse filing showed.
Sinmah Capital partnered with KLFA to develop the land in June 2022, as completion of the project was initially slated within five years, with an additional two-year extension should unforeseen circumstances arise.
Sinmah Capital’s shares closed unchanged at eight sen on Friday, giving the group a market capitalisation of RM35 million.
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Source: EdgeProp.my
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