KUALA LUMPUR (Nov 12): Titijaya Land Bhd’s wholly-owned subsidiary Tamarind Heights Sdn Bhd (THSB) had entered into a deed of discharge and release with Golden Vogue Sdn Bhd (GVSB) pursuant to the joint venture agreement (JVA) which was announced on Nov 17, 2017.

Pursuant to the deed of discharge and release, THSB shall be discharged and released for all its obligations, responsibilities and liabilities under and pursuant to the JVA, including any and all other agreements or other contractual documents made related to the JVA.

In 2017, a JVA was entered between the parties, Mohd Hazmil Mohd Kassim and Lim Soo Huen to commercially develop the land in Jalan Tuanku Abdul Rahman, Kuala Lumpur. 

“Over the years, THSB has been encountering challenges such as the heritage protection of the old Odeon cinema structure and the softening demand on the high-end high-rise properties, coupled with the unprecedented pandemic of Covid-19, to develop the land.

“Hence, THSB will not able to meet its obligation to GVSB by November 2022, as stipulated in the JVA,” said Titijaya Land in a filing with Bursa Malaysia on Friday (Nov 12).

It added that the deed of discharge and release was not expected to have a material effect on the net assets per share, earnings per share and gearing of Titijaya Group.