THE MALAYSIAN RESERVE. 4TH JULY: TWL Holdings Bhd has decided to cancel its plans for a joint development project in Klang, Selangor, after six years.
The company terminated its memorandum of understanding with LJ Development (KL) Sdn Bhd, as stated in a filing with Bursa Malaysia.
The proposed venture involved the construction of residential and/or commercial units with a minimum gross development value of RM80 million.
In separate news, TWL announced an agreement to acquire two land parcels in Klang for RM30.3 million, with plans to develop affordable apartments comprising 1,000 units.
The proposed acquisition is expected to be completed by Q4 2023.
TWL’s shares closed at 3.5 sen, resulting in a market capitalization of RM146.4 million.