Sim Leisure Group to Receive Compensation for Terminated Theme Park Deal; Shares Down Nearly 6%

MT Newswires

Sep 10

Sim Leisure Group's (SGX:URR) subsidiary, Sim Leisure Escape, will receive compensation for a terminated theme park agreement with Bandar Malaysia, according to a Tuesday filing with the Singapore Exchange.

Shares of the company were down nearly 6% in Wednesday trading.

Following the termination of the agreement, the company will turn over possession of the project site to Bandar Malaysia, the owner of the land, by Sept. 15.

The compensation sum will be payable by Oct. 30, and Sim Leisure Group expects to recognize the effects of the compensation sum in the financial year ending Dec. 31, 2025.

Sim Leisure Group had earlier demanded compensation from Bandar Malaysia for breaching the said agreement. The company served a letter of demand on Feb. 18, alleging the deal was unlawfully terminated after the project site was sold to KLCC Development without honoring contractual obligations.

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