Kuala Lumpur, 6 November 2025 – Central Global Bhd (CGB) has officially revoked its acquisition of three residential properties in the Kajang/Cheras area, a deal originally valued at RM3.67 million, following the execution of three Deeds of Revocation on 6 November 2025.
The properties, which were the subject of a purchase announcement in May 2025, were intended to be acquired from Chew Hian Tat, a major shareholder and managing director of Central Global, via the group’s wholly-owned subsidiary. According to the earlier filing, the parcels comprised freehold residential land in Taman Bukit Sungai Long, Hulu Langat, Selangor and were priced on a “willing buyer, willing seller” basis as determined by independent valuations.
By revoking the transaction, Central Global and the vendor have mutually released each other from all terms and conditions of the original agreements. The revocation comes despite the companies previously stating that the acquisition “is not expected to have any material effect on the company’s earnings per share, net assets per share, gearing, share capital and substantial shareholders’ direct and/or indirect shareholdings” for the financial year ending 30 June 2025.
The decision to cancel the purchase may raise questions among investors about the company’s property-accumulation strategy and its internal governance procedures relating to related-party transactions, given the vendor’s dual role as shareholder and director. Analysts may view this as a cautious move to simplify the balance sheet or address regulatory or disclosure concerns.
Going forward, stakeholders will likely monitor how Central Global re-deploys its capital plans and whether the company shifts its landbank strategy in favour of more transparent, arms-length acquisitions. Meanwhile, the revocation may relieve the group of any encumbrances or development risk associated with the properties in question.
