Rowsley terminates $371.2m deal to develop mixed-use project in Yangon

It failed to reach an agreement over investment structure details.

Mainboard-listed Rowsley has revealed that it will not proceed with its proposed joint venture with Hoang Anh Gia Lai Joint Stock Company for the development of one of Yangon’s largest mixed-use centres.

Rowsley was supposed to invest $371.2m (US$275 million) for a 50% stake in the HAGL Myanmar Centre.

“An agreement could not be reached over the details of the investment structure. The Company will not enter into the proposed joint venture as the conditions precedent under the Heads of Terms Agreement have not been satisfied,” stated Rowsley.

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