KUALA LUMPUR (July 29): DWL Resources Bhd (formerly known as Spring Gallery Bhd) has terminated a masterplan for a commercial development on 216,427 sq metres of land in Melaka.

In a filing with Bursa Malaysia, DWL said its wholly-owned subsidiary Million Rich Development Sdn Bhd and Titanium Hallmark Sdn Bhd have  mutually agreed for the termination.

DWL said Titanium Hallmark will refund a deposit of RM20.97 million to Million Rich, within three months.

DWL said the termination came after all parties’ assessment and evaluation on the risks and feasibility of each proposal.

“The parties foresee [that] the proposals under the concept masterplan agreement, may not be able to materialise based on the initial planned timeframe,” it added.

DWL’s share price fell 0.5 sen or 0.79% to 63 sen today, giving it a market capitalisation of RM134.72 million.