Olympia scraps tower sale plan

Posted on | August 27, 2010

By BUSINESS TIMES

OLYMPIA Industries Bhd has scrapped plans to sell Menara Olympia, a property under subsidiary Dairy Maid Resort & Recreation Sdn Bhd for RM30.2 million, after the buyer decided to withdraw.

It will refund the RM3.02 million deposit to Jelita Timur Sdn Bhd.

“In view of the uncertainties regarding the transaction, the board of Olympia Industries has deliberated on the commercial and legal aspects of the transaction and has unanimously agreed that it is in the best interest of the company to mutually abort the transaction,” the firm said in a Bursa Malaysia filing yesterday.

- Menara Olympia KL

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