BMS Holdings drops RM23.8 million Cheras property deal
Vendor Chyen Huat Hardware Sdn Bhd has returned the earnest deposit, with neither party retaining further claims against the other.
BMS Holdings Bhd has called off a proposed land purchase in Cheras worth RM23.8 million because it could not agree on the transaction terms with vendor Chyen Huat Hardware Sdn Bhd.
In a bourse filing on Oct 22, the Johor-based tile retailer said the termination was mutual. The vendor had returned its earnest deposit, and neither side would have further claims against the other.
BMS said it does not expect the cancellation to materially affect earnings, gearing or net assets for FY2027, which ends on June 30, 2027.
The proposed purchase had been announced two months earlier to support the group's expansion. The property includes a workshop and offices. BMS had intended to use it for operations, with space for storage, an office and a retail showroom.
BMS shares ended Oct 22 at 12.5 sen, down half a sen or 3.85%, giving the group a market value of RM193 million. The stock was 43% below its initial public offering price of 22 sen.
