Datasonic calls off RM28.5m Petaling Jaya industrial deal
Datasonic Group has terminated its RM28.5 million purchase of an industrial property in Petaling Jaya after a fire safety approval condition was not met. The group's subsidiary issued the termination notice to vendor Pixio on Oct 7, with the RM2.85 million deposit to be refunded within 14 days.
PETALING JAYA (Oct 8): Datasonic Group Bhd, formerly known as NexG Bhd, has issued a notice to terminate its proposed RM28.5 million acquisition of an industrial property in Petaling Jaya after a condition precedent relating to fire safety approval was not fulfilled.
In a Bursa Malaysia filing on Wednesday (Oct 7), the group said its wholly-owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) had issued the notice to vendor Pixio Sdn Bhd on the same day to terminate the sale and purchase agreement signed on July 10, 2025.
Datasonic said the unmet condition concerned obtaining approval from the Fire and Rescue Department of Malaysia (Bomba) for the issuance of a fire certificate or Bomba licence for fire safety equipment, to ensure compliance with fire safety regulations and the required standards.
The group said Pixio is required to refund the RM2.85 million deposit paid towards the purchase price to DTSB or its solicitors within 14 days of receiving the termination notice. According to the filing, DTSB will execute a deed of termination upon receiving the full refund. The agreement will then cease to have effect, with neither party having any further claim against the other arising from or connected with it.
The proposed acquisition was first announced in July 2025. According to the original acquisition announcement, the property at No. 32, Jalan 223 comprises a two-storey factory, a three-storey office block, a two-storey warehouse and a guardhouse on approximately 66,548 sq ft of leasehold land. The land is identified as PT 32 under title HSD 173078, Bandar Petaling Jaya, Daerah Petaling, Selangor, with the lease expiring on July 9, 2069.
At the time, the group said the purchase was intended to enhance production capacity and efficiency by bringing research, design and production together in the same area. It had proposed funding the acquisition through internally generated funds and/or bank borrowings and/or a private placement.
