MPCorp signs MoU with Terra Pontus

Kuala Lumpur: Malaysia Pacific Corporation Bhd (MPCorp) has signed a memorandum of understanding (MoU) with Terra Pontus Pte Ltd on the proposed disposal of part of Wisma MPL owned by MPCorp. In a filing to Bursa Malaysia, the company said the property is a 23-storey office tower, comprising a 19-storey office tower over a four-storey retail podium block, together with common areas designated for ownership in Jalan Raja Chulan here.

The property has a land area of 11,848 sq metres, with approved use for commercial purpose, and has a freehold tenure.

Terra Pontus, a company incorporated in Singapore, is principally involved in property investment and private equity.

"The MoU sets out the understanding and intention of the parties in respect of the proposed disposal.

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"The MoU shall remain valid until two months except as otherwise mutually agreed in writing by the parties or upon execution of the sale and purchase agreement (SPA), whichever is earlier," it said.

Persuant to the MoU, both parties have agreed to negotiate the terms of a definitive SPA for the proposed disposal for two months from the date of the MoU or such other dates as the the parties may agree.

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"It is the intention of both parties that the proposed disposal shall be subject to such terms and conditions of the SPA," the company said.

The consideration for the property shall be in cash and is determined to be at RM250 million, arrived at on a willing-buyer and willing-seller basis. – Bernama

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