KUALA LUMPUR (Feb 8): UEM Sunrise Bhd’s plan to buy a freehold land situated near the Kuala Lumpur Convention Centre (KLCC) has fallen through after conditions precedent under the sale and purchase agreement (SPA) were not fulfilled within the conditional period, which expired on Tuesday (Feb 7).

As the SPA had lapsed, UEM Sunrise said the vendor Nipponkey Sdn Bhd will refund its indirect wholly owned subsidiary Lucky Bright Star Sdn Bhd the deposit, including any interest accrued, within 14 days.

Lucky Bright Star will also return the relevant documents to Nipponkey, UEM Sunrise said in a Bursa Malaysia filing.

The parcel of land measuring 6.39 acres is situated at Lot 228, Jalan Sultan Yahya Petra (formerly known as Jalan Semarak), which is approximately 2.5km northeast of KLCC.

When UEM Sunrise first announced the proposed acquisition on Aug 4 last year, it said the total purchase price of RM384 million will be satisfied in cash of RM235.8 million and in-kind of RM148.25 million.

Shares in UEM Sunrise were down 1.9% to close at 26 sen on Wednesday, giving it a market value of RM1.32 billion