KUALA LUMPUR: Berjaya Land Bhd (BLand) has withdrawn from a proposed housing and mixed development project on 12 parcels of land in Dagon Seikkan township in Yangon, Myanmar.

       In a filing with Bursa Malaysia, the group said its 80%-owned subsidiary BDS Smart City Co Ltd had on March 1, served a written notice on the Yangon region government to terminate the concession agreement dated Feb 7, 2020 and withdraw from the proposed development due to non-fulfilment of conditions precedent.

       The termination has no effect on the issued share capital and substantial shareholders’ shareholdings of BLand.

       The termination is also not expected to have any material effect on the net assets, earnings and gearing of BLand for the financial year ending June 30, 2022.