Friday, 9 March 2012

Gefung cancels MoU for Jakarta property development

KUALA LUMPUR (March 9): GEFUNG HOLDINGS BHD [] will not go ahead with the proposed joint venture for a mixed development project on 50.74 acres of land in east of Jakarta.

According to Gefung, the company and PT Greenworld Development “could not reach an agreement on the terms and conditions for the proposed project, the parties have mutually agreed to terminate the MoU with immediate effect”.

To recap, both parties had on Dec 9, 2011 signed the MoU to undertake the mixed development project.

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