BMS Holdings calls off RM23.8m Cheras industrial property purchase after SPA talks fail

BMS Holdings Bhd has terminated its proposed RM23.8 million acquisition of a freehold industrial property in Cheras, Selangor, after its subsidiary and the vendor could not agree on sale and purchase terms. The earnest deposit of RM476,000 has been refunded, and both parties have no further claims a

PETALING JAYA (Oct 23): BMS Holdings Bhd has called off its proposed RM23.8 million purchase of a freehold industrial property in Cheras, Selangor, after its subsidiary and the vendor failed to agree on the sale and purchase agreement terms.

The tiles and stone surfaces retailer and distributor said in a Bursa Malaysia filing on Thursday (Oct 22) that its wholly-owned subsidiary Jubin BMS (1990) Sdn Bhd and vendor Chyen Huat Hardware Sdn Bhd had mutually agreed to terminate the proposed acquisition that day.

BMS said the earnest deposit, disclosed as RM476,000 in its Aug 6 announcement, had been refunded to the subsidiary. Both parties confirmed that they would have no further claims against each other arising from the proposed acquisition.

Under a letter of offer dated Aug 6, Jubin BMS (1990) had proposed buying a workshop with offices on approximately 4,555 sq m (49,019 sq ft) of freehold industrial land at Lot 467, Jalan Balakong Batu 11, Cheras. The property is held under Geran Mukim 7804, Lot 44637, Seksyen 1, Bandar Cheras, Hulu Langat district, Selangor. The group had intended to use it as a retail showroom, office and storage facility to support its business expansion.

BMS said the termination is not expected to have any material effect on the group’s earnings, net assets or gearing for the financial year ending June 30, 2027.