KUALA LUMPUR (Nov 2): Loss-making Trive Property Group Bhd has cancelled an extraordinary general meeting, scheduled for Nov 16, in relation to the purchase of a RM19.6 million Terengganu land. According to its bourse filing today, Trive Property, formerly known as Eti Tech Corp Bhd, said the meeting was called off pending "clarification on a development that may have a material outcome on the proposed acquisition". Trive Property had announced on Sept 6 that it was acquiring the entire equity stake of Pakadiri Sdn Bhd, which owns a 20.92ha land in Kemaman, Terengganu, for RM19.6 million cash. According to the filing then, Trive Property said it had been appointed as the contractor for the first phase of the 66.96ha Bandar Baru Kertih Jaya township, by Pakadiri last year. The proposed acquisition represents an opportunity for it to own the entire interest to enhance the gross development value (GDV) of the group's development projects, said Trive Property as to why it was buying the land.

Source: The Edge Markets November 02, 2016 12:50 UTC