Plenitude deal to buy Osaka hotel falls through

TheStar Wed, Jan 20, 2021 05:59pm - 1 month ago

KUALA LUMPUR: Property firm Plenitude Bhd said a deal entered by its indirect subsidiary to acquire a hotel in Osaka, Japan has been terminated.

Plenitude, on Nov 26, announced a plan to form a joint venture with a Singapore-based company to acquire a 21-storey hotel in Osaka for RM438.5mil.

"The Board of Directors of Plenitude wishes to announce that a condition precedent in relation to the Definitive Agreements entered into by the indirect subsidiary of Plenitude, MHI SG1 Pte Ltd, in respect of the Proposed Investment has not been fulfilled in accordance with the terms of the Definitive Agreements," it said in a filing with Bursa Malaysia today.

"Pursuant thereto, the conditional Trust Beneficiary Interest Sale and Purchase Agreement (defined as PSA in the Announcement) has been terminated and the Deposit (as defined in the Announcement) to be refunded," it added.

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