S&P agreement for proposed acquisition in Malaysia lapsed amid pandemic situation: Mapletree Logistics Trust

A SALE and purchase agreement relating to the proposed acquisition of a property in Malaysia has lapsed, said Mapletree Logistics Trust (MLT) on Wednesday, adding that the Reit's manager remains keen on the acquisition and will continue to work to get the necessary approvals.

The proposed acquisition of Mapletree Logistics Hub - Tanjung Pelepas in Johor - is subject to, among other things, the vendor obtaining the written approvals of the Johor Port Authority and Pelabuhan Tanjung Pelepas, which is the sub-lessor of the property.

"Given the impact of the Covid-19 situation in Malaysia, it has taken more time than expected for the written approvals to be obtained," said MLT. "The manager remains keen on the proposed acquisition of the Malaysia property and will continue to work closely with the vendor as well as the Johor Port Authority and Pelabuhan Tanjung Pelepas to obtain the necessary approvals."

MLT had announced in October last year that it planned to acquire the asset for RM402.5 million (S$130.22 million).

Units in MLT closed at S$2.05 on on Wednesday, up two Singapore cents or 0.99 per cent.