GSH Corporation says it will no longer be working with Fujian Jinnan Construction Group to develop a land parcel in Malaysia.
On Oct 8, GSH's subsidiary GSH Properties entered into a non-binding framework cooperation agreement with Fujian Jinnan to jointly develop a land parcel located in the Chinatown area in Kuala Lumpur. The project involves constructing and developing serviced suites for sale.
GSH and Fujian Jinnan had agreed to a 50 business day exclusivity period starting from the date of the agreement. The agreement was terminated automatically since both companies did not enter into any definitive agreements within the 50 days. GSH says in a bourse filing on Dec 23 that it will proceed with its development plans for the project.
GSH shares closed 0.5 cents lower, or 2.33% down, at 21 cents on Dec 23.
