mDR Limited Signs SPA for Malaysia Property Disposal, Satisfies Waiver Conditions
Summary:
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mDR Limited announced it has signed a Sale and Purchase Agreement (SPA) on 10 July 2025 to dispose of its property in Malaysia.
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The disposal was first announced on 24 June 2025. The SPA was executed with the Purchaser under detailed terms:
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Purchase Price: RM28.5 million.
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Payment structure:
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2% (RM570,000) earnest deposit paid earlier.
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8% (RM2,280,000) deposit paid upon SPA signing, part of which retained by Purchaser’s solicitors for tax compliance.
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Remaining balance (RM25.65 million) payable within three months from the unconditional date, with an additional three-month extension possible at 8% p.a. interest.
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SPA is conditional on the Vendor securing:
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Certificate of Fitness / Completion and Compliance.
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Approval from the Fire and Rescue Department (BOMBA) for fire safety compliance.
These must be fulfilled within three months (or a mutually agreed extended period).
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In case of default:
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Vendor’s default: Purchaser may terminate and claim a 10% liquidated damages payment or pursue specific performance.
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Purchaser’s default: Vendor may terminate and forfeit the deposit as liquidated damages.
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The Company confirmed that it has satisfied all SGX-ST waiver conditions, so no extraordinary general meeting will be convened for shareholders’ approval.
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The SPA is available for inspection at the Company’s registered office for three months.
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Further announcements will be made on key developments. Shareholders and investors are advised to consult professional advisers if in doubt.