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Hatten Land loses 2 land deals in Malaysia over its declining share price

Hatten Land Ltd. and its Sky Win Management Consultancy Pte. Ltd. subsidiary terminated 108.6 million ringgit worth of sale and purchase agreements made in November 2017 for two sites in Melaka, Malaysia, because the two companies and the sellers could not agree on a revised price for the shares that would be issued to pay for the properties.

Hatten Land had planned to issue new shares at 25 Singapore cents apiece to pay Rico Development Sdn. Bhd. and Rico Ventures Sdn. Bhd. for the land parcels. However, the parties involved in the transactions terminated the agreement March 16, owing to how Hatten Land's share price "has weakened over time."

The cancellation of the deal also means that Hatten Land's proposed acquisition of a 15% interest in Rico Development and a 25% interest in Rico Ventures for about 8.3 million ringgit and 20.6 million ringgit, respectively, will not push through.

Hatten Land had planned to develop mixed-use projects at the 6.1-acre freehold land and 6.7-acre leasehold land of 99 years at the Melaka sites. Back when the deal was announced, the issue price for the 140.16 million new shares that it was planning to offer represented a 28.1% premium to the Nov. 15, 2017, volume weighted average price of 19.52 cents a share.

As of March 16, US$1 was equivalent to S$1.32 and 3.91 Malaysian ringgit.