Aspen unit ends deal with land buyer on payment default

ASPEN Group - a property firm - on Friday said that its unit has ended an agreement with a buyer of a piece of land in Penang, Malaysia, after the buyer failed to make certain payments related to the sale.

The agreement, signed with Pendang Pembangunan (PPSB) in 2017, was for an acquisition of a piece of land owned by Aspen, to build a petrol station and a drive-through restaurant.

"The termination was due to PPSB's failure and/or neglect to fully perform its payment obligations in accordance with the terms and conditions of the purchase and development agreement," it said. "The company has exercised its right to forfeiture in accordance with the agreement."

Shares of Aspen closed on Friday at S$0.151, down 0.4 cents.