Buyer Rescinds Mooreast's Shipyard Road Property Purchase After JTC Rejection
MT Newswires10:57
HLMG-Nuform System has rescinded its purchase of Mooreast Holdings' (SGX:1V3) leasehold property at 51 Shipyard Road after failing to secure approval from Jurong Town Corporation (JTC), according to a Friday filing with the Singapore bourse.
Mooreast has agreed to refund the deposit of SG$1.19 million paid by HLMG-Nuform System without interest or deduction.
The rescission will not have any material adverse impact on the company's financial performance for the year ending Dec. 31, the company said, adding that it will continue to look for suitable buyers.
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