Eco World Development Bhd (EW Bhd) on Wednesday entered into a deed of revocation and rescission with the Penang Development Corp (PDC) to revoke and rescind the letter of award in relation to the aborted RM10bil Eco Marina project in Batu Kawan, and all their respective rights and obligations.
EW Bhd told Bursa Malaysia that the PDC would within one month (with an automatic extension of time of another one month) refund to it, free of interest, the initial payment of the purchase consideration of 299.64 acres (including the earnest deposit) and lease consideration for 150 acres.
Based on the company’s announcement in April last year, the sum to be refunded would be RM159.254mil. This comprises the initial payment of RM143.186mil for the RM730.93mil development parcel, the earnest deposit of RM3mil, and the initial payment of RM!3.068mil for the RM65.34mil lease parcel.
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EW Bhd told Bursa Malaysia that the PDC would within one month (with an automatic extension of time of another one month) refund to it, free of interest, the initial payment of the purchase consideration of 299.64 acres (including the earnest deposit) and lease consideration for 150 acres.
Based on the company’s announcement in April last year, the sum to be refunded would be RM159.254mil. This comprises the initial payment of RM143.186mil for the RM730.93mil development parcel, the earnest deposit of RM3mil, and the initial payment of RM!3.068mil for the RM65.34mil lease parcel.
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