KUALA LUMPUR: Yong Tai Bhd and Southern Envoy Sdn Bhd have agreed to extend the sale and purchase agreement (SPA) of five star hotel, Courtyard by Marriott Melaka to May 31, 2025.
In a filing with Bursa Malaysia, the company said the extension was to allow the parties to fulfil the condition precedents of the SPA.
Yong Tai announced in July 2024 its plans to dispose of its hotel for RM160 million and place out up to 30 per cent of the total number of shares in the company to raise funds.
In a filing with Bursa Malaysia Securities, the company sought for an extension up to March 29, 2025 to submit the draft circular in relation to the proposals to the relevant regulatory authorities.
The extension was requested following a suit filed by Kerjaya Prospek Bhd against the company's unit, Apple 99 Development Sdn Bhd, over an alleged failure to pay an outstanding contract sum of RM105.14 million in relation to a project which included the Courtyard by Marriott Melaka.
On October 12, Kerjaya Prospek filed a follow up lawsuit against Yong Tai and its chief executive officer Datuk Boo Kuang Loon to claim guarantees attached to the alleged unpaid contract.