KUALA LUMPUR: Berjaya Land Bhd’s (BLand) has terminated the concession agreement (CA) to undertake a housing and mixed development project in Yangon, Myanmar.

       In a filing with Bursa Malaysia, BLand said its 80%-owned subsidiary, BDS Smart City Co Ltd, had on March 1 served a written notice on the

       Government of Yangon Region to terminate the CA dated Feb 7, 2020 and withdraw from the proposed development due to non-fulfilment of conditions precedent under the concession agreement.

       “The termination has no effect on the issued share capital and substantial shareholders’ shareholdings of BLand,” the developer said.

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