KUALA LUMPUR (April 16): Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) has aborted its plan to dispose of a freehold land in Penang to Chin Hin Group Property Bhd (KL:CHINHIN).
The decision to cancel the deal follows the creditors’ voluntary liquidation of its subsidiary, Ivory Gleneary Sdn Bhd (IGSB), noted Ivory Properties in a filing with the exchange on Wednesday.
As IGSB is now under liquidation, its affairs are managed by appointed liquidators.
Ivory Properties noted that it is therefore required to concur with the liquidators’ decision to revoke the sale and purchase agreement between IGSB and Chin Hin Property (Penang) Sdn Bhd (CHPPSB) for the disposal of the land, as well as the exclusive right…
