EPU rejects another developer’s land deal over Bumi quota

Free Malaysia Today

Gadang to appeal the Economic Planning Unit’s rejection of its land acquisition in Kwasa Damansara.  Read More: https://www.freemalaysiatoday.com/category/highlight/2024/04/23/epu-rejects-another-developers-land-deal-over-bumi-quota/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #EconomicPlanningUnit #GadangHoldingsBhd #LandDeal

Transcript

00:00 The Economic Planning Unit has rejected Gadang Holdings Berhad's proposed acquisition of

00:07 a 21-acre plot of land in Kwasa Damansara over the Bumibutra equity ownership requirement.

00:14 In a BOS filing, the Construction Group KUM Property Developers said it will appeal to

00:18 the EPU, which falls under the Prime Minister's Department, for a waiver of the Bumibutra

00:24 requirement.

00:25 It confirmed that the EPU had rejected its proposed acquisition on Monday as it did not

00:31 meet the 30% Bumibutra equity ownership requirement.

00:35 Gadang is not the only developer to see its land acquisition deal fall by the wayside

00:39 as a result of the EPU's enforcement of the long-standing Bumibutra equity ownership.

00:45 In early January, Sintex Berhad was dealt a similar blow by the EPU when its second

00:51 attempt to buy 960 acres of prime land in Tebrau, Johor Bahru from SP Satya Berhad fell

00:57 through.

00:58 The plastics manufacturer KUM Property Developer had first attempted to acquire the land in

01:03 2021, but the deal was nixed in March 2023 after its subsidiary failed to obtain a waiver

01:10 of the Bumibutra equity condition.

01:12 [MUSIC PLAYING]

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Transcript

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